NIFTY FUTURE TIPS | NIFTY OUTLOOK REPORT

NIFTY FUTURE TIPS |  NIFTY OUTLOOK REPORT:-

NIFTY FUTURE :	R1:8144	R2:8164	R3:8180
PIVOT :8128	S1:8108	S2:8092	S3:8072

NIFTY DAILY CHART

CHART INTERPRETATION

Technically, A strong break below 8000 will increase the downside pressure and drag it to 7900/7800. Traders can go short on a break below  8000.On the other hand, a decisive break above 8200 will ease the downside pressure and take the index futures higher to 8300 and 8350 thereafter. MACD and Price ROC are both negative and continue in sell mode. RSI (40) suggests bearish momentum. This week, the indices tested the short term average of 22dma Nifty – 8242 but could not close above it. the indices continue to remain below the medium term average of 50dma Nifty – 8430 but above the long term average of 200dma Nifty – 7600. Thus the trend in the short term and medium term timeframe remains bearish whereas the trend in the long term timeframe still continues to remain Bullish.

INDEX OUTLOOK

 

NIFTY FUTURE:  Equity benchmarks fell further in late trade with the Nifty breaking 8100 level intraday amid low volumes on Monday. Banking & financials, auto and select healthcare stocks drove the market lower but ICICI Bank, Reliance Industries and ITC arrested the fall. The market ended at two-week closing low. Sensex dropped 114.86 points to 26374.70 and Nifty slipped 35.10 points to 8104.35. The broader markets underperformed benchmarks with the BSE Midcap and Smallcap indices down half a percent each on weak breadth. The market is expected to be in a range of 8000-8300 for atleast next one month and then, especially after December quarter earnings, it may start inching towards new highs. India's growth trajectory has turned positive and going into 2017 the external sector has seen improvement and global trade is off lows. From a Nifty perspective 45 % of earnings come from outside India and this is a better environment for growth, albeit uncertainty on depth and breadth of currency exchange (after demonetisation) as well as from US policies. Nifty will move towards levels of around 8,600-8,700 points after the Budget. Nifty will touch new highs before the end of current fiscal.

SECTORAL INDICES

CORPORATE NEWS

NBCC (India) Ltd secured projects for the construction of residential cum training complex for special protection group (SPG) at New Delhi and construction of guest house for Government of Gujarat at New Delhi amounting to Rs. 466.4 Cr and Rs. 10 Cr respectively.

Shares of Fertilizers and Chemicals Travancore (FACT) and Gujarat State Fertilizers & Chemicals (GSFC) rallied after Asian Caprolactum prices hit a two year high. Shares closed up 9.6% and 3.9% respectively.

Tree House Education closed down 20% after Zee Learn called off its proposed merger and threatened to take legal recourse to seek damages from the failed deal. The board took the decision because of reports suggesting abrupt closure of playschools by Tree House throughout country. The company has been named in various police complaints.

  
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