EQUITY RESEARCH LAB :- NIFTY SPOT: 8110.60

Nifty tips :- 

Nifty Future   R1: 8147       R2:8174      R3: 8209
        
Pivot: 8111    S1: 8084       S2:8049      S3:8022

CHART INTERPRETATION :-

Nifty spot close at 8110.60 on  Tuesday . At higher side, important level 8150-8250. As long as Nifty future manages to sustain above this level on intraday declines, the trend will be strong and nifty future will try touch further higher levels from this level. At lower side, support near 8000. Further weakness is nifty future is possible only if Nifty future falls and stays below the important support of 8000-7950.

At lower side nifty support level may be in the range of 7800-7700.

Mechanical indicator stochastic RSI  also showing consolidated trend.

INDEX OUTLOOK :-

NIFTY FUTURE :-


Nifty closed at 8130.65 on Monday The Indian equity market ended on a flat note on Tuesday amid a volatile trading session. After opening with a positive bias, indices slipped gradually throughout the day led by selling pressure in the energy, IT, oil & gas and telecom stocks. However, sudden bout of  buying in the realty, metals, PSU banks and FMCG stocks in late trades aided the Nifty to bounce back sharply  and close above the 8100 mark. The BSE Midcap and Smallcap index closed marginally higher too.Market participants remained cautious ahead of the US Federal Reserve's two-day meeting that begins later in the day and worries over a referendum in Britain next week about whether to exit the European Union.
        
INTRADAY STRATIGY:-

  Buy Nifty future above 8150 for the tgt of 8200-8250 sl 8070.

CORPORATE NEWS :-

•    The Wholesale Price Index (WPI) for May increased at 0.79% after rising 0.34% in April and falling by 2.20% in May 2015. This is the second straight increase in WPI which came after, a seventeen month falling spree.

•    Shares of Deepak Fertilizers and Petrochemicals rose by 4.5% after the Ministry of Petroleum and Chemical agreed to release Rs 485 crores of outstanding subsidy money. The claims were due to the company in accordance with the Nutrient Based Subsidy (NBS).

•    Shares of Public Sector Banks rallied up to 8% after the RBI announced a scheme for sustainable structuring of stressed assets. The scheme would allow the banks to convert up to half the loans taken by corporate borrowers into equities and take control of the company.

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