Shield Research :- Market Update

Stock cash tips :- 

NIFTY FUTURE:    R1:8064    R2:8104     R3:8150

PIVOT : 8018     S1:7978    S2: 7932    S3:7892

Market Update :-
The  Indian  stock  market  closed  in  the  positive zone   for   the   second   consecutive   session   on Wednesday, Supported  by  positive  Asian  and European    markets.Investors    still    expected sentiment to remain weak given continued worries about the economic impact from Narendra Modi’s action,   with   volatility  expected   ahead   of   the monthly    expiry    of    derivative    contracts    on Thursday.Nifty  ended  the  day  at 8,033,  up  31 points.  A  total  of  6  stocks registered  a  fresh  52-week high in trade today, while 35 stocks touched a  new  52-week  low  on  the  NSE.  Out  of  1,883 stocks  traded  on  the  NSE,  371  declined,  1243 advanced  and  269 
remained  unchanged  today.The  BSE  Mid-cap  Index  is  trading  up  1.22%  at 12043,  whereas  BSE  Small-cap  Index  is trading up  1.51%  at  11802.  The  India  VIX  was  down 1.50%  at  18.1875.  The  Rupee  was  trading  lower at Rs. 68.50/$.Asian markets, Hong Kong’s Hang Seng   and    Shanghai    Composite    Index    were marginally  down,  while  Japan’s Nikkei  was marginally up Nifty  open upon  Wednesday and    shown choppy movementover  the  full  trading  hour’s .nifty trade near the  level  of  8000 today .above the  level  of  8550  bull  trend  will  be  seen  in  nifty future. Down side  targets  for  nifty  would  be 7900-8000.  next  support  level  of  nifty  would  be 7850.

 

NIFTY BANK OUTLOOK :-Bank    nifty    open up today    and    showing consolidation movement over   the   full   market hour’s.  Bank  nifty   on  technical  chart break  the support  of  19000,  below  that  level  next  level  for bank  nifty would  be  18200-18400.  Above  the level  of  19300 upside  movement  can  be  seen. HDFC    BANK    (-1.11%)    and BANK OF BARODA(-0.67%) is the top losers of the day Bank nifty Open  Up  at 18649.90,to its previous closing 18572.15 on Wednesday and touched high of 18650.00.bank  nifty break  the support  of 19000,and made a low of 18471.00. if bank nifty not sustain  at  that  level  ,next level  of  bank  nifty would  be  18000-18200.On  the  other  hand  above 19300 ,new level forBank nifty would be 19600-19800.

 

USDINR :-

The Indian rupee has touched 8-month low in early trade. It has opened at 68.36 against the US dollar, down 11 paise compared with previous settlement at 68.25 a dollar. a stronger Dollar index will continue to  put  pressure  on  the  rupee  for  the  day,  as  it  is  trading  above  the  101  mark.  The  dollar  resumed  its uptrend helped by a surge in US existing home sales last month that further cemented expectations not only  of  a  Federal  Reserve  interest  rate  hike  in  December,  but  also  of  further  tightening  next  year.

GLOBAL MARKETS :- 

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Shield Research :- Market Outlook

Stock Cash Tips :- 

NIFTY FUTURE:      R1:8039         R2:8071      R3:8121
PIVOT: 7989              S1:7957          S2:7907        S3:7875 

Technically, A strong break below 8000 will increase the downside pressure and drag it to 7900/775
0. Traders can go short on a break below 8000.On the otherhand, a decisive break above 8280 will ease the downside pressure and  take  the  index  futures  higher  to  8450  and  8550  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 7900. 7900 is a make or break level onclosing basis. If Nifty closes below those levels then a breakdown would be seen in the market and  we  can  even  see  levels  of  7900-7700-7700  indays  to  come.  If  Nifty  holds  7900  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.

 

INDEX OUTLOOK :-

NIFTY  FUTURE: Short  covering  and  positive  global  cues  helped  the  BSE  Sensex  snap  six-day  losing streak  and  the Nifty  close  above  8000  level  on  Tuesday  after  volatility.  The  broader  markets outperformed  benchmarks  with  the  BSE  Midcap  and  Smallcap  indices  rising  more  than  1.1  percent.

Commodities  also  bounced  back  after  fall  in  dollar.  Sensex  was  up  195.64  points  at  25960.78  and Nifty  climbed 73.20 points to 8002.30. The market breadth also turned positive as about 1475 shares advanced  against  1083  declining  shares  on  the  BSE.  Investors  continued to  avoid  pumping  in  fresh money  into  markets  due  to  demonetization  concerns  and  strengthening  dollar.  They  maintained cautious  stance  ahead  of  Federal  Reserve's  policy  meeting  in next  month.  The  INDIA  VIX closed -3.31%  at  18.4650.  Out  of  1,516  stocks  traded  on  the  NSE,  556  declined,  896 advanced  and  64 remained unchanged today. The Rupee is trading marginally down at Rs. 68.19/$.

STRATEGY:-  Buy Nifty Future above 8000 for the target of 8050-8100 with the stop loss of 7930

  

SECTORAL INDICES :-

 

 

 Corporate News :-

 

Larsen & Toubroreported and 84.3% increase in Net Profit to Rs. 1,434.6 Cr in Q2 against Rs. 778.4 Cr in the corresponding quarter last year. Total Income increased by 8.2% to Rs. 25,011 Cr against Rs. 23,123 Cr. Operating Profit increased by 7.9% to Rs. 2,298 Cr.IRB Infrastructure reported a 5% decline in Net Profit to Rs. 142.2 Cr in Q2 as against Rs. 149.7 Cr in the corresponding quarter last year. Revenue increased 12.3% to Rs. 1,290.6 Cr as against Rs. 1,149.2 Cr previously. Bottom-line was affected by higher finance costs, which increased 41.6% to Rs. 339.6 Cr in the quarter. Shares closed down 3.8%.Birla Corpreported a sharp increase in Net Profit in Q2 at Rs. 58.4 Cr against Rs. 23.2 Cr in the year ago period. Total Income fell by 4% to Rs. 886.8 Cr in Q2 from Rs. 927.1 Cr during the same quarter in previous fiscal. Total expenses were lower at Rs. 843.3 Cr from Rs. 899.5 Cr previously.

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