Nifty tips :-
Nifty Future R1: 7994 R2:8045 R3: 8141
Pivot: 7898 S1: 7847 S2:7751 S3:7699
CHART INTERPRETATION :-
Nifty spot close at 7934.90 on Wednesday . At higher side, important level 7980-8000. 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 7700. Further weakness is nifty future is possible only if Nifty future falls and stays below the important support of 7700-7670. At lower side nifty support level may be in the range of 7750-7650.
Mechanical indicator stochastic RSI also showing consolidated trend.
INDEX OUTLOOK :-
NIFTY FUTURE :-
Nifty closed at 7759.30 on Wednesday . The Indian indices shot up on Wednesday tracking a strong rally in equity markets across the globe. Sentiment got a boost after US home sales data supported the consensus view that the economy may be strong enough for the Federal Reserve to raise interest rates in the coming months. Besides, hopes of above normal rains in the upcoming monsoon season kept the sentiment high too. Market experts believe the 7980 hurdle for the Nifty could soon be broken and a rally leading all the way to around 8250-level cannot be ruled out.
INTRADAY STRATIGY :-
Buy Nifty future above 7950 for the tgt of 8000-7850 sl 7870.
CORPORATE NEWS :-
Bajaj Auto’s profit jumped 29.2% to Rs. 803 cr due to better operational performance and good volume growth. Total income surged 14.2% at Rs. 5411 cr against Rs. 4739 cr in a year ago period.
Ashok Leyland reported 66.5% fall in Net profit at Rs. 77 cr due to an exceptional loss of Rs. 379 cr made on provisioning on investments in joint ventures and overseas subsidiaries. Revenue increased 32% to Rs. 5955 cr compared to Rs. 4505.7 cr in the same quarter last year.
After a gap of 4 years, the government has offered to auction 46 discovered oil and gas fields through internal bidding. The bidding for discovered small fields will open on July 15 and the last date would be October 31.