Nifty tips :-
Nifty Future R1: 8267 R2:8313 R3: 8394
Pivot: 8186 S1: 8140 S2:8058 S3:8012
CHART INTERPRETATION :-
Nifty spot close at 8206.60 on Wednesday . 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 FUTURE :-
Nifty closed at 8221.35 on Wednesday. After falling for four consecutive trading sessions, the Indian equity markets finally made a strong comeback amid positive vibes coming from the Asian and European markets. The market rallied after Union Cabinet approved new civil aviation policy and merger of 5 associates with SBI.
The buying was so fierce that not a single sectoral index on the BSE ended with losses; power, capital goods, banking, oil and gas, utilities, industrial and FMCG stocks ended with the top gainers. Even the mid-cap and the small-cap stocks participated in today’s rally. Going ahead, all eyes would be on the verdict of the two-day FOMC meet and the BOJ meet later today.
Buy Nifty future above 8230 for the tgt of 8280-8320 sl 8150.
CORPORATE NEWS :-
• The union cabinet approved the merger of State Bank of India (SBI) with its associate banks. Shares of State Bank of Mysore and State Bank of Bikaner Jaipur rose by 20%. State Bank of Travancore rose by 19.99%, whereas SBI shares surged by 3.6%.
• Airline Stocks – Interglobe Aviation, Spicejet & Jet Airways showed an uptick after the union cabinet approved the long awaited Civil Aviation Policy.
• Shares of Sintex industries went up by 5.86% after the National Stock Exchange (NSE) decided to include the stock in the Futures and Options segment.
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