Market Update :- Shield Research

Stock Cash Tips :-

NIFTY FUTURE :            R1:8174        R2:8223                R3:8307

PIVOT :8090                     S1:8042        S2:7957                S3:7909

CHART INTERPRETATION :-
Technically, A strong break below 8000 will increase the downside pressure and drag it to 7900/7750. 
Traders can go short on a break below 8000.On the other hand, 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 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 7900-7700-7700 in days to come. If Nifty holds 7900 for next couple of days then we would see sharp positive rally. MACD and Price ROC are both negative and continue in sell mode. RSI (40) suggests bearish momentum.

INDEX OUTLOOK :- 

NIFTY FUTURE:-

Nifty rose by 148.80 points or 1.87 % to close above 8,100-level at 8,114.30. After touching a fresh all-time low against the US dollar yesterday, the rupee jumped 27 paise to end at 68.46. “With fresh positions being initiated in December futures and options (F&O) series, and with rupee strengthening sharply, market found its voice, and registered gains across sectors, After days of dithering, bulls made a strong comeback today, with the Sensex surging 456 points to reclaim the 26,000-mark on the first day of December series, led by gains in export-oriented IT and pharma on a rebounding rupee. This was the benchmark’s biggest single day gain since October 18, when it had surged 520.91 points. Sentiments remained up-beat from the start of the session with Finance Minister Arun Jaitley saying that the government’s demonetisation move is going to have a positive impact on the economy, including GDP. The India VIX (Volatility) index was up 2.63% at 17.6125. 

STRATEGY :-

Buy Nifty Future above 8150 for the target of 8200 -8250 with the stop loss of 8070.
SECTORIAL INDICES :-

Corporate News :-

On account of increased production by Coal India Ltd. (CIL) in 2015-16, coal imports have fallen from 217.78 Mte. in 2014-15 to 199.88 Mte. in 2015-16. In order to meet coal demand internally and make India self-sufficient in coal production, the focus of the Government is on increasing the domestic production from indigenous sources which includes efforts to expedite Environment and Forest clearances, land acquisition and coordinated efforts with Railways for movement of coal. Petronet LNG Limited ended at Rs 376.45, up by Rs 29.1 or 8.38% from its previous closing of Rs 347.35. The company's net profit of Rs 460 crore in July-September is 82% higher than the Rs 253 crore net profit in the same period a year ago. The total income of the company has decreased from Rs 7,584 crore for the quarter ended September 30, 2015 to Rs 6,706 crore for the quarter ended September 30, 2016.

Canara Bank has informed BSE that the bank has revised deposit interest rates in different maturities in retail and bulk deposits in the range of 5 bps to 25 bps and these are effective from November 21, 2016.
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