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3rd June 2016 Nifty Tips

NIFTY SPOT: 8218.95

Nifty Future R1: 8277 R2:8312 R3: 8370

Pivot: 8219 S1: 8185 S2:8126 S3:8092

CHART INTERPRETATIONNifty spot close at 8218.95 on Thursday. At higher

side, important level 8250-8500. 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 8000-7950. At lower side nifty support level may be in the range of 7800-7700.

Mechanical indicator stochastic RSI also showing consolidated trend.

INDEX OUTLOOKNIFTY FUTURE: Nifty closed at 8194.55 on

Thursday. The Indian equity market closed with smart gains on Thursday after trading sideways in the past two trading sessions. Benchmarks shrugged off early morning losses and rebounded into the positive zone during afternoon trades led by gains in the metal, banking, industrial, auto, energy, oil and gas, capital goods and select power stocks. Even the BSE Midcap and Small cap stocks ended higher. However, pharma and consumer durables indices ended the day in the red.

INTRADAY STRATIGY: Buy Nifty future above 8250 for the tgt of 8300-8350 sl 8170.

SECTORIAL INDICES

CORPORATE NEWSCoal India soared 3.2% to Rs.306. The company has achieved a

production of 42.58 million tonnes in May, lower than the target of 44.64 million tonnes (MT) for the month. During the months of April and May, the miner produced 82.93 MT of coal against the target of 89.12 MT.

BPCL Ltd has announced that it has received shareholder nod to increase FII Investment Limit to 49%.

India's central bank is trying to clean up the balance sheets of the country's banks. Government Support Underpins Ratings On Indian Public Sector Banks. (RBI) ongoing asset quality review has tested the government's willingness to support public sector banks. Support has so far been forthcoming, and the Indian government has reiterated its intention of providing capital to public sector banks, even beyond the budgeted amounts, if needed. We continue to believe there is a very high likelihood that the government will support India's banks, and that forms a pivotal point in our assessments of capital position and extraordinary support for the banks.

CORPORATE NEWSCoal India soared 3.2% to Rs.306. The company has achieved a

production of 42.58 million tonnes in May, lower than the target of 44.64 million tonnes (MT) for the month. During the months of April and May, the miner produced 82.93 MT of coal against the target of 89.12 MT.

BPCL Ltd has announced that it has received shareholder nod to increase FII Investment Limit to 49%.

India's central bank is trying to clean up the balance sheets of the country's banks. Government Support Underpins Ratings On Indian Public Sector Banks. (RBI) ongoing asset quality review has tested the government's willingness to support public sector banks. Support has so far been forthcoming, and the Indian government has reiterated its intention of providing capital to public sector banks, even beyond the budgeted amounts, if needed. We continue to believe there is a very high likelihood that the government will support India's banks, and that forms a pivotal point in our assessments of capital position and extraordinary support for the banks.

CORPORATE NEWSCoal India soared 3.2% to Rs.306. The company has achieved a

production of 42.58 million tonnes in May, lower than the target of 44.64 million tonnes (MT) for the month. During the months of April and May, the miner produced 82.93 MT of coal against the target of 89.12 MT.

BPCL Ltd has announced that it has received shareholder nod to increase FII Investment Limit to 49%.

India's central bank is trying to clean up the balance sheets of the country's banks. Government Support Underpins Ratings On Indian Public Sector Banks. (RBI) ongoing asset quality review has tested the government's willingness to support public sector banks. Support has so far been forthcoming, and the Indian government has reiterated its intention of providing capital to public sector banks, even beyond the budgeted amounts, if needed. We continue to believe there is a very high likelihood that the government will support India's banks, and that forms a pivotal point in our assessments of capital position and extraordinary support for the banks.

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