Nifty Market Update :- Shield Research

STOCK FUTURES TIPS:-

NIFTY FUTURE :   R1:8223     R2:8255       R3:8291

PIVOT :8187          S1:8155      S2:8119         S3:8088

CHART INTERPRETATION :-

Technically, A strong break below 8000 will increase the downside pressure and drag it to 7900/7800. Traders can go short on a break below 8000. On the other hand, a decisive break above 8200 will ease the downside pressure and take the index futures higher to 8300 and 8350 thereafter. MACD and Price ROC are both negative and continue in sell mode. RSI (40) suggests bearish momentum.This week, the indices tested the short term average of 22dma Nifty – 8242 but could not close above it. the indices continue to remain below the medium term average of 50dma Nifty – 8430 but above the long term average of 200dma Nifty – 7600. Thus the trend in the short term and medium term time  frame remains bearish whereas the trend in the long term timeframe still continues to remain Bullish.

MACD and Price ROC are both negative and continue in sell mode. RSI (40) suggests bearish momentum.

INDEX OUTLOOK :-

NIFTY FUTURE:-

The Indian stock markets opened on a subdued note on the first trading day of 2017, with profit-booking after recent gains. The stock markets displayed subdued investor sentiment owing to profit booking rupee depreciation. The Nikkei India Manufacturing Purchasing Managers' Index, or PMI, fell to 49.6 in December from November's 52.3. A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction. Realty companies were in demand after Prime Minister Narendra Modi on December 31 announced that loans of up to Rs 9 lakh taken in the new year under the new scheme of Pradhan Mantri Awas Yojana will receive interest subvention of 4 per cent and loan of up to Rs 12 lakh will get a 3 per cent interest waiver.Selling pressure was witnessed in banking, financial services, FMCG and IT stocks, while realty, auto, metal, media and pharma were among the gainers. Nifty closed with a loss of a mere six points at 8,180. The NSE Nifty opened at 8,210 hitting a high of 8,212 and low of 8,134. The India VIX index was up 2.36% at 15.83. Out of 1,903 stocks traded on the NSE, 417 declined and 1,194 advanced today.The rupee was trading down 16 paise at 68.07 per US dollar.

STRATEGY :-

Buy Nifty Future above 8200 for the target of 8250 -8300 with the stop loss of 8130.

SECTORIAL INDICES :-

CORPORATE NEWS :-  

 Mahindra & Mahindra rose 2.33% to Rs 1,212 on BSE after the company said its total tractor sales rose 9% to 14,047 units in December 2016 over December 2015. The stock closed at 1224.9 up 3.42%

Lupin rose 0.8% after the company announced that it has received final approval for its Cevimeline  Hydrochloride Capsules, 30 mg from the US drug regulator.

IL&FS Engineering and Construction Company Ltd received a Letter of Acceptance for a road contract from the Ministry of Road Transport & Highways through the Public Works Department of Karnataka Government. The Rs 242.56cr projects involves widening of two/four lane with paved shoulders from 54.37 km to 101.400 km in the Bidar to Humnabad section of NH-50.The shares of the company closed at Rs45.4 up 7.46%

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