Nifty tips :-
Nifty Future R1: 8206 R2:8254 R3: 8315
Pivot: 8145 S1: 8097 S2:8036 S3:7988
CHART INTERPRETATION :-
Nifty spot close at 8140.75 on Thursday . At higher side, important level 8200-8250. As long as Nifty future manages to sustain above this level on intraday declines, the trend will be strong and nifty future will try touch further higher levels from this level.
At lower side, support near 8000. Further weakness is nifty future is possible only if Nifty future falls and stays below the important support of 8060-7950.
At lower side nifty support level may be in the range of 7800-7700.
Mechanical indicator stochastic RSI also showing consolidated trend.
INDEX OUTLOOK :-
Nifty closed at 8158.75 on Thursday. After taking a breather in the previous session, the bears were back on the dalal street. The indices extended decline to hit fresh intraday low in mid-morning trade.Weakness were seen in Asian stocks after the Bank of Japan and the US Federal Reserve deciding to keep interest rates on hold weighed on domestic bourses. On the economy front, India’s merchandise exports fell 0.79% at $22.17 billion in May 2016 over May 2015. Non-petroleum exports rose 1.01% at $20.19 billion in May 2016 over May 2015. Imports fell 13.16% at $28.44 billion in May 2016 over May 2015.
Buy Nifty future above 8150 for the tgt of 8200-8250 sl 8070.
CORPORATE NEWS :-
Bank of Japan kept its policy rates unchanged and refrained from any further stimulus measure citing uncertainties in emerging economies and commodity exporting countries, impact of US monetary policy on global financial markets, Europe’s debt problem as well as geopolitical risks.
India’s trade deficit in May widened to $6.27 bn as exports shrank 0.79% to $22.17 bn and imports declined 13.16% to $28.44 bn on YoY basis.
3I Infotech Limited shares jumped 18% to Rs. 5.30 after the company said corporate debt restructuring panel approved debt restructuring scheme. The lenders approved converting 40% debt into equity shares.
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