Decline witnessed yesterday in Nifty index has further strengthened our conviction that negative to sideways bias is here to stay. PSU banks and cement stocks can be considered for creating fresh short positions.
Nifty Future R1: 7934 R2: 7976 R3: 8004
Pivot: 7940 S1: 7863 S2: 7835 S3: 7792
Chart interpretation :-
Nifty has an near term support placed at 7845, below this level it may touch the level of 7770 .
Mechanical indicator stochastic also showing selling indication in nifty future.
INDEX OUTLOOK :-
NIFTY FUTURE: The Nifty is likely to open in the red, with indicator SGX Nifty trading at 7823, down 62.50 points at 7.52 am. Asian markets too have opened in the red this morning in line with the global handover. Nikkei hit a three-week low.
INTRADAY STRATIGY: Sell Nifty in the range of 7840-7830 for target of 7800-7760, stop loss: 7900
Corporate news :-
Chennai Petroleum Corporation fell 5.52% to Rs 191 on NSE on reports the company shut its refinery in Chennai yesterday, 2 December 2015, due to heavy flooding in Tamil Nadu.
Reliance Communications surged 6.56% to Rs 83.60 on NSE after the company said that 6 crore shares pledged by one of its promoter group entities have been releasesd.
Bank of Baroda fell 1.73% to Rs 170.80 on NSE, with the stock extending Wednesday's slide triggered by government ordering a forensic probe into the alleged irregularities from the bank's Ashok Vihar branch.
If you want to more information regarding the Nifty level & many other share market news, tips & calls like Stock tips, commodity tip call @ 8109999233 or fill form http://equityresearchlab.com/Freetrial.php
Nifty Future R1: 7934 R2: 7976 R3: 8004
Pivot: 7940 S1: 7863 S2: 7835 S3: 7792
Chart interpretation :-
Nifty has an near term support placed at 7845, below this level it may touch the level of 7770 .
Mechanical indicator stochastic also showing selling indication in nifty future.
INDEX OUTLOOK :-
NIFTY FUTURE: The Nifty is likely to open in the red, with indicator SGX Nifty trading at 7823, down 62.50 points at 7.52 am. Asian markets too have opened in the red this morning in line with the global handover. Nikkei hit a three-week low.
INTRADAY STRATIGY: Sell Nifty in the range of 7840-7830 for target of 7800-7760, stop loss: 7900
Corporate news :-
Chennai Petroleum Corporation fell 5.52% to Rs 191 on NSE on reports the company shut its refinery in Chennai yesterday, 2 December 2015, due to heavy flooding in Tamil Nadu.
Reliance Communications surged 6.56% to Rs 83.60 on NSE after the company said that 6 crore shares pledged by one of its promoter group entities have been releasesd.
Bank of Baroda fell 1.73% to Rs 170.80 on NSE, with the stock extending Wednesday's slide triggered by government ordering a forensic probe into the alleged irregularities from the bank's Ashok Vihar branch.
If you want to more information regarding the Nifty level & many other share market news, tips & calls like Stock tips, commodity tip call @ 8109999233 or fill form http://equityresearchlab.com/Freetrial.php
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