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23 may 2016
rd

Nifty Tips
NIFTY SPOT: 7749.70
Nifty Future R1: 7809
Pivot: 7781 S1: 7735

R2:7856
S2:7706

R3: 7884
S3:7660

CHART INTERPRETATION

Nifty spot close at 7749.70 on Friday . At higher side,

important level 7850-7900. 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 7850. Further weakness is nifty future
is possible only if Nifty future falls and stays below the
important support of 7850-7800. At lower side nifty
support level may be in the range of 7750-7650
Mechanical indicator stochastic RSI also showing
positive trend.

INDEX OUTLOOK

NIFTY FUTURE: Nifty closed at 7763.35 on Friday . Indian

Stock Market would open flat. Technically, Indian stock
Market has entered into negative zone. Today, some shortcovering rally may be seen after a sharp downfall but Traders
should go short at every positive rally in the market. Now
next target for Nifty would be 7720-7685. Fears of FED Rate
Hike would further pressurize the markets across the globe.
Overall, now market would be considered negative and the
trade is to go short at every rally in the market for better
profits. Few Indian Corporate Giants would disclose their q4
results today that would further affect the market direction.
INTRADAY STRATIGY: Sell Nifty future below 7750 for the tgt
of 7700-7650 sl 7830.

SECTORIAL INDICES

CORPORATE NEWS

ITC reported Net profit growth of 5.7% at Rs. 2495 cr

compared to Rs. 2361 cr on YoY basis. Total income
surged by 9.4% to Rs. 10169 cr against Rs. 9293 cr in a
year ago period. The company also declared bonus in the
ratio of 1:2.
Lupin plunged 9.1% on concerns on USFDA observations
received in March 2016. The company said that it
responded to the observations and is awaiting USFDAs
response.
Around 50,000 employees of five associate banks of SBI
went on strike to protest the proposed merger of all the
five associates with SBI.

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