Nifty Future R1: 7809 R2:7856 R3: 7884
Pivot: 7781 S1: 7735 S2:7706 S3:7660
CHART INTERPRETATION :-
Nifty spot close at 7749.70 on Friday . At higher side, important level 7850-7900. 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 7850. Further weakness is nifty future is possible only if Nifty future falls and stays below the important support of 7850-7800. At lower side nifty support level may be in the range of 7750-7650.
Mechanical indicator stochastic RSI also showing positive trend.
Nifty closed at 7763.35 on Friday . Indian Stock Market would open flat. Technically, Indian Stock Market has entered into negative zone.
Today, some short-covering rally may be seen after a sharp downfall but Traders should go short at every positive rally in the market.
Now next target for Nifty would be 7720-7685. Fears of FED Rate Hike would further pressurize the markets across the globe.
Overall, now market would be considered negative and the trade is to go short at every rally in the market for better profits.
Few Indian Corporate Giants would disclose their q4 results today that would further affect the market direction.
Sell Nifty future below 7750 for the tgt of 7700-7650 sl 7830.
CORPORATE NEWS :-
ITC reported Net profit growth of 5.7% at Rs. 2495 cr compared to Rs. 2361 cr on YoY basis.
Total income surged by 9.4% to Rs. 10169 cr against Rs. 9293 cr in a year ago period.
The company also declared bonus in the ratio of 1:2.
Lupin plunged 9.1% on concerns on USFDA observations received in March 2016.
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The company said that it responded to the observations and is awaiting USFDA’s response.
Around 50,000 employees of the five associate banks of SBI went on strike to protest the proposed merger of all the five associates with SBI.
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