NIFTY FUTURE : R1:9201 R2:9230 R3:9248
PIVOT :9183 S1:9153 S2:9135 S3:9106
stock future tips
We have now revised the immediate support threshold for the index upwards to 8970 region as it is the confluence of following: The upper band of previous two weeks consolidation is at 8970,Rising 20-day EMA, which has acted as intermediate support in the entire up move since December 2016 lows, is placed at 8941. As per the change of polarity, yearly high of 2016 is at 8968 is likely to reverse its role and act as support, going forward.
Among oscillators, the short-term stochastic oscillator as well as the 14 period RSI are hovering in overbought territory with readings of 88 and 77, respectively.
Nifty Future: The Nifty is likely to open flat to negative on the back of mixed global cues. Sell Nifty in the range of 9200-9210 for targets of 9170-9140, stop loss: 9240 Nifty Bank Future: The index failed to continued its positive streak after a gap up opening and witnessed a round of short covering, helping it end below 21300. Buy Nifty Bank in the range of 21170-21220, targets: 21330-21450, stop loss: 21110
- The Goods and Services Tax (GST) Council cleared a proposal to cap the cess on tobacco and cigarettes. The cap would be 290% or Rs. 4,170 per 1,000 cigarette sticks, or a combination of the two. Stocks of ITC, VST Industries and Godfrey Phillips closed up 1.5-7.5%.
- A parliamentary panel - Committee on Petitions, suggested the merger of state-run telecom firms BSNL and MTNL for their long-term survival. MTNL stock price closed up 2.9%.
- United Bank of India announced that it will receive capital allocation of Rs. 418 Cr from the Government of India, as a part of turnaround linked capital infusion plan. The bank’s stock closed up by 7%.
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