NIFTY FUTURE : R1:8064 R2:8104 R3:8150
PIVOT : 8018 S1:7978 S2:7932 S3:7892
Technically, A strong break below 8000 will increase the downside pressure and drag it to 7900/7750. Traders can go short on a break below 8000.On the other hand, a decisive break above 8280 will ease the downside pressure and take the index futures higher to 8450 and 8550 thereafter. Indian Stock Market is still in negative zone but market would see a bounce at lower levels near support. Nifty is laying near its major support level of 7900. 7900 is a make or break level on closing basis. If Nifty closes below those levels then a breakdown would be seen in the market and we can even see levels of 7900-7700-7700 in days to come. If Nifty holds 7900 for next couple of days then we would see a sharp positive rally.
MACD and Price ROC are both negative and continue in sell mode. RSI (40) suggests bearish momentum.
MACD and Price ROC are both negative and continue in sell mode. RSI (40) suggests bearish momentum.
INDEX OUTLOOK
NIFTY FUTURE: After consolidation, the NSE Nifty managed to hold 8000 level for the second
consecutive session Wednesday ahead of expiry of November futures & options contracts tomorrow.
The broader markets smartly outperformed benchmarks, rising more than 1.2 percent on value buying.
Investors continued to accumulate quality stocks at reasonable valuations, though they are worried
over quarterly earnings growth after currency demonetisation. Sensex was up 91.03 points at 26051.81
and the Nifty gained 31 points at 8033.30. The market breadth was strong as about 1920 shares
advanced against 671 declining shares on the Bombay Stock Exchange. Markets are still not out of the
woods and need alignment between banking and Nifty for any sustainable recovery.
consecutive session Wednesday ahead of expiry of November futures & options contracts tomorrow.
The broader markets smartly outperformed benchmarks, rising more than 1.2 percent on value buying.
Investors continued to accumulate quality stocks at reasonable valuations, though they are worried
over quarterly earnings growth after currency demonetisation. Sensex was up 91.03 points at 26051.81
and the Nifty gained 31 points at 8033.30. The market breadth was strong as about 1920 shares
advanced against 671 declining shares on the Bombay Stock Exchange. Markets are still not out of the
woods and need alignment between banking and Nifty for any sustainable recovery.
STRATEGY: Sell Nifty Future below 8000 for the target of 7950 -7900 with the stop loss of 8070.
CORPORATE NEWS
Siemens' fourth quarter profit jumped more than 11-fold to Rs 2,467 crore compared with Rs 219.1 crore in
year-ago period, driven by stake sale in healthcare undertaking. Total income from operations during the
quarter declined 6.3% year-on-year to Rs 3,091 crore while other income shot up 67.8% to Rs 68.3 crore.
Lupin was up 5% as it received tentative approval for generic Epzicom tablets from the US Health Regulator
(FDA). The drug is indicated for the treatment of human immunodeficiency virus type 1 (HIV-1) infection.
Reliance Broadcast Network Limited announced the selling of 49% stake of its radio business to Zee Group.
Similarly RBNL plans to sell 100% stake of its television business to Zee. The transactions have a combined EV
of Rs. 1,900 Cr which would help Anil Ambani - led Reliance Capital in reducing its debt. The stock was up 2.7%.
year-ago period, driven by stake sale in healthcare undertaking. Total income from operations during the
quarter declined 6.3% year-on-year to Rs 3,091 crore while other income shot up 67.8% to Rs 68.3 crore.
Lupin was up 5% as it received tentative approval for generic Epzicom tablets from the US Health Regulator
(FDA). The drug is indicated for the treatment of human immunodeficiency virus type 1 (HIV-1) infection.
Reliance Broadcast Network Limited announced the selling of 49% stake of its radio business to Zee Group.
Similarly RBNL plans to sell 100% stake of its television business to Zee. The transactions have a combined EV
of Rs. 1,900 Cr which would help Anil Ambani - led Reliance Capital in reducing its debt. The stock was up 2.7%.
ERL RESEARCH TEAM
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the right to choose the product/s that suits them the most. Investment in Stocks has its own risks.
Sincere efforts have been made to present the right investment perspective. The information contained
herein is based on analysis and up on sources that we consider reliable. We, however, do not vouch
for the accuracy or the completeness thereof. This material is for personal information and we are not
responsible for any loss incurred based upon it & takes no responsibility whatsoever for any financial
profit s or loss which may arise from the recommendations above. The stock price projections shown
are not necessarily indicative of future price performance. The information herein, together with all
estimates and forecasts, can change without notice.
Equity Research Lab does not purport to be an invitation or an offer to buy or sell any financial
instrument. Analyst or any person related to Equity Research Lab might be holding positions in the
stocks recommended. It is understood that anyone who is browsing through the site has done so at his
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