NIFTY SPOT: 8219.90
Nifty Future R1: 8250 R2:8275 R3: 8297
Pivot: 8227 S1: 8202 S2:8180 S3:8155
- Nifty closed on at 8219.90 On Tuesday. Bulls and bears have been indecisive. Recovery may be continuing above 8200 levels else selling pressure may be seen. On upside, Nifty has important resistance at 8250 levels. On downside, support is at 8050 levels.
- Mechanical indicator stochastic RSI also showing consolidated trend.
NIFTY FUTURE:- Nifty closed at 8225.10 on Tuesday. After gaining for two consecutive trading sessions, the Indian equity market closed lower on Tuesday. Profit booking combined with negative global cues and a weak rupee dampened the sentiment. Market participants also were cautious ahead of the UK referendum scheduled on Thursday. In addition, investors were also seen concerned about US Federal Reserve Chairperson Janet Yellen's testimony to the US Congress. The testimony can provide further cues towards the next phase of the key lending rate hikes.Today’s decline was led by the power, utilities, banking, pharma and IT stocks. On the other hand, auto, oil and gas, consumer durables and energy stocks were among the major gainers.
INTRADAY STRATIGY:- Buy Nifty future above 8250 for the tgt of 8300-8350 sl 8170.
- Mandhana Industries declined 20% as the company is in the process of demerging its retail business. The company assured that there is no disruption in its normal and ongoing business activities.
- Maruti Suzuki is ramping up production of premium hatchback Baleno to meet current demand and reduce waiting period. The company has over 45,000 outstanding bookings for Baleno and waiting period of 6-8 months depending on the variant.
- Textile stocks surged on news of cabinet meeting to be held on Wednesday to consider the much awaited textile policy. Stocks like Arvind, Nandan Denim, Raymond, Kitex garments, Bombay Dyeing, etc jumped on the news.