NIFTY REPORT | STOCK MARKET UPDATES
Technically, A
strong break below 8550 will increase the downside pressure and drag it to
8400/8300. Traders can go short on a break below 8550.On the other hand, a
decisive break above 8680 will ease the downside pressure and take the index
futures higher to 8750 and 8800 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 8500. 8500 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 8200-8000-7700 in days to
come. If Nifty holds 8500 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.
NIFTY FUTURE Sensex closed 86.55
points down at 28092.53, while Nifty index settled 17.65 points down at
8691.30. Sentiments remained weak in the absence of any positive
trigger. Market participants failed to get any sense of relief with the
statement of Economic Affairs Secretary Shaktikanta Das that the revenue
neutral rate structure will be decided the next month. On the sectoral front,
banking stocks closed higher after the Finance Minister Arun Jaitley stated that in a move to help
state-run banks clean up books, the government will encourage them to acquire
assets of loan defaulters in steel, power and shipping sectors, and rope in
state-run companies to manage them.Federal Bank reported 24.78 % rise in its
net profit at Rs 201.24 crore for the quarter ended September 30, 2016 as
compared to Rs 161.28 crore for the same quarter in the previous year. Total
income of the bank increased 11.67 % Shares of the bank were trading 7.87 % up
at Rs 80.85.
STRATEGY:
Buy
Nifty Future above 8700 the target of 8750
-8800 with the stop loss of 8630.
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