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23rd March 2016

Nifty Tips

NIFTY SPOT: 7714.90

     Nifty Future      R1: 7756     R2:7786     R3: 7836      Pivot: 7706        S1: 7676      S2:7627      S3:7596  

CHART INTERPRETATION

Nifty spot close at 7714.90 on Tuesday. nifty spot touch the new level of 7700 on Monday. Next major resistance for nifty may be 7950.

Mechanical indicator stochastic RSI also showing positive trend.

 

INDEX OUTLOOK  

NIFTY FUTURE:- Nifty future closed at 7726.25 on Tuesday. The Indian equity market ended with modest gains on Tuesday amid a day of wild swings. The Nifty was seen gyrating over 80 points while Sensex swung 300 points between its intra-day highs and low . Today’s recovery was led by the realty, power, capital goods, auto and utilities stocks. Even the Mid-Cap and Small-Caps also participated in the late recovery.

INTRADAY STRATIGY:- Buy Nifty above 7720 for the tgt of 7770-7830 with the sl of 7640.

SECTORIAL INDICES

CORPORATE NEWS

Mahindra & Mahindra announced that its Mahindra Agri Business forayed into dairy business with the launch of its branded dairy products, 'Saboro‘.

Canara Bank will raise capital of Rs 3000 crore through issue of Basel-III compliant Tier II bonds by way of private placement.

Rajesh Exports has won a Rs. 1,045-crore export order from Singapore.

Excel Industries will consider a proposal for buyback of equity shares of the company at its board meeting to be held on 28 March 2016.

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