DAILY TECHNICAL OUTLOOK
13th -July- 2016
NIFTY SPOT: 8521.05
Nifty Future
R1: 8544
R2:8560
R3: 8587
Pivot: 8518
S1: 8502
S2:8475
S3:8459
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CHART INTERPRETATION
Nifty future closed above to psychological level of 8500 on Tuesday. Next logical targets for nifty
would be 8500-8650 and breaching of 8320 would force nifty to see levels of 8 105-8200. whereas
the 8350-8310 will act as very strong Support levels, if once it go to 8530 then there will higher
probability for nifty to touch 8580-8650 levels.
Mechanical indicator stochastic RSI also showing consolidated trend.
INDEX OUTLOOK
NIFTY FUTURE: Nifty closed above 8500 level. The rally continued to second consecutive day as indices
scaled to fresh 11-month high on Tuesday. Stock market rallied ahead of IIP and inflation data to be released
later in the day. After opening on a flat note indices remained under pressure and slipped lower in the first
half. However, as the day progressed, a sudden bout of buying in the metals, realty and banking stocks lifted
the benchmarks to end at day's high. Even the Nifty Mid-Cap index closed at an all-time high. Meanwhile, the
strong likelihood of a GST Bill being passed in the monsoon session of Parliament, which starts on July 18, and
hopes for a good start to the quarterly earnings season also boosted investor sentiment.
INTRADAY STRATIGY: Buy Nifty future above 8530 for the tgt of 8570-8650 sl 8450.
SECTORIAL INDICES
Key Indices Levels to watch out for the day
INDEX (Spot)
RESISTANCE 2
RESISTANCE 1
LTP
SUPPORT 1
SUPPORT 2
SENSEX
28100
27950
27808.14
27600
27450
NIFTY
8600
8565
8521.05
8450
8400
NIFTYBANK
18970
18800
18667.60
18500
18330
NIFTYIT
11320
11200
11056.80
10885
10750
CORPORATE NEWS
Rico Auto Industries went up by 3.80% after the company announced its plan to setup a new auto component plant in
Bhiwandi, Rajasthan. The plant will start operating in the next financial year.
IDFC Bank rallied by 8.22% after the company agreed to a share purchase agreement with Tamil Nadu based company,
Grama Vidiyal Microfinance, acquiring 100% of its equity share capital.
Shares of Mumbai based engineering company, Greaves Cotton, went up by 6.2% after the company announced its entry
into multi brand automobile spare parts business.
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