Equity Research Lab :- Nifty Report 24th June.

Nifty Tips

NIFTY SPOT: 8270.45 

Nifty Future     R1: 8329      R2:8376      R3: 8446
Pivot: 8259       S1: 8212       S2:8142       S3:8095

 CHART INTERPRETATION   

• Nifty closed on at 8270.45 On Thursday. Bulls and bears have been indecisive. Recovery may be continuing above 8200 levels else selling pressure may be seen. On upside, Nifty has important resistance at 8355 levels. On downside, support is at 8150 levels.
• Mechanical indicator stochastic RSI also showing consolidated trend.

  INDEX OUTLOOK   

NIFTY FUTURE:- Nifty closed with a gain of 67 points at 8,270. The NSE Nifty opened at 8,201 hitting a high of ,286 and low of 8,188. After being cautious for the past two trading sessions, stock market in India surged higher on Thursday tracking a strong upswing in the European equity markets as UK voters began to cast ballots on 'Brexit' referendum. The rally was sparked by buying in the banking, auto, Financials, industrial, pharma, consumer durables and oil & gas stocks. On the other hand, realty, telecom and power were among the major losers on BSE.

INTRADAY STRATIGY:- Buy Nifty future above 8300 for the tgt of 8350-8400 sl 8230.

  SECTORIAL INDICES   

  CORPORATE NEWS  

• NTPC share prices declined by almost 2% after the government decided to distribute an additional 5% stake to the company’s employees at a considerable discount, raising concerns over a fall in the Earnings per Share (EPS) of the company.
• Shares of KEC International rose by 3.5% after the company bagged orders of Rs. 1,036 crores. In transmission and distribution segment, they secured orders worth Rs. 666 crores from the Middle East and Americas regions. Orders worth Rs. 317 crores from Indian Railways and Rs. 53 crores in the Power and Telecom Cables segment were also secured.
• Mahanagar Telephone Nigam Limited (MTNL) shares rose by 4.3% after the company announced that it will submit its revival plan to the Department of Telecommunications (DoT). The plan intends to take the loss making telecom firm out of the red zone.

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