NIFTY SPOT: 8273.05 Equity Research Lab

Nifty tips ::-

Nifty Future  R1: 8301    R2:8318    R3: 8338

Pivot: 8281   S1: 8264    S2:8244    S3:8227

CHART INTERPRETATION :-

Nifty spot close at 8273.05 on Wednesday . At higher side, important level 8300-8500. 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.

Nifty tips Equity Research Lab.png

INDEX OUTLOOK :-

NIFTY FUTURE :-

Nifty closed at 8284.20 on Wednesday . After opening on a flat note, indices were stuck in a narrow trading range throughout the day clocking in minuscule gains. The power, capital goods, industrials and utilities stocks were among the major gainers. On the other hand, IT and healthcare stocks were under pressure. The India VIX (Volatility) index was up 1.83% at 15.1420.

INTRADAY STRATIGY :-

Buy Nifty future above 8300 for the tgt of 8350-8400 sl 8230.

CORPORATE NEWS :-

The Indian Rupee closed higher on Wednesday on increased selling of the US currency by exporters and banks amid higher foreign fund inflows. However, weak dollar against other currencies overseas also boosted the rupee sentiment. The rupee rallied for the fifth consecutive session and hit a four-week high against the US dollar.

Bharat Forge surged 2.2% to Rs.765 on BSE. The company announced that its joint venture with GE, Alstom Bharat Forge Power has signed a contract worth $219 million approximately (Rs.1495 crore) with NTPC.

Rajesh Exports dropped 1.4% to Rs.495. The company has announced that it has bagged Rs. 653 crores worth export order.

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