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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