Nifty tips :-
Nifty Future R1: 8255 R2:8281 R3: 8306
Pivot: 8230 S1: 8204 S2:8179 S3:8154
CHART INTERPRETATION :-
Nifty spot close at 8201.05 on Monday. At higher side, important level 8250-8500. 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 8000-7950.
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 FUTURE :-
Nifty closed at 8229.80 on Monday . After opening on flat note, indices were stuck in a narrow trading range throughout the day.
Investors maintained cautious approach ahead of Reserve Bank of India’s (RBI) monetary policy review due on Tuesday.
Benchmarks slipped lower towards the fag end led by selling pressure in the telecom, consumer durables, teck, oil and gas, pharma and IT stocks.
On the other hand, realty, capital goods, utilities and basic materials stocks ended with gains.
INTRADAY STRATIGY :-
Buy Nifty future above 8250 for the tgt of 8300-8350 sl 8170.
CORPORATE NEWS :-
India jumped 13 positions to 2nd on ease of doing business. The rankings are according to the GRDI (Global Retail Development Index), which ranks top 30 developing countries for retail investments worldwide.
Japanese conglomerate Sumitomo buys 45% stake in Mumbai based Pesticides and Agro-Chemical Company, Excel Crop Care. A bid of further 30% stake is also launched by Sumitomo, in order to complete the takeover.
Shares of Steel Strips rallied by 5.35% after their promoter increased their stake in the company through the open market purchase. The stake of the promoters increased to 59.83% from 59.66% previously.
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