SUPPORT & RESISTANCE

RESEARCH BHASKAR :-

NIFTY SPOT :   R1:9378    R2:9405  R3:9444

PIVOT : 9339   S1:9312    S2:9273   S3:9246

CHART INTERPRETATION :-  

The Nifty took support precisely near the cluster of support placed around 9060-9070 region as it is the       upper band of bullish gap area formed on March 14, 2017 post state election results (9060) and 80% retracement of the last rising segment placed around 9070. As highlighted in the earlier edition, the slower pace of current decline consuming 12 sessions and retracing about 80% of the preceding six session rise (9024 to 9273) highlights the corrective nature of the current down move upholding the overall positive price structure. Going forward, we expect the index to trade with a positive bias and a decisive close above 9310 will add fuel to the ongoing momentum and open further upsides towards 9450 over the short term as it is the value of the trend line joining 2016 yearly high and March 2017 peak of 9218.

INDEX OUTLOOK:-    

Nifty Future: The Nifty is likely to open flat on the back of week global cues. Its important to sustain above 9310-3335 to move upwards. Buy Nifty near 9330 for targets of 9360-9380, stop loss: 9300 Nifty Bank Future: Long participation for the May series continued where the index ended well above 22200 and added near 6% in open interest. As the index moved higher, the Call OI concentration has shifted towards 22500 indicating more upside in the banking space. Buy Nifty Bank in the range of 21980-22020, targets: 22200-22400, stop loss: 21900.

SECTORIAL INDICES :- 

CORPORATE NEWS:-   

Dilip Buildcon Ltd (DBL) bagged three road projects worth Rs. 3,269 Cr in Maharashtra from the National Highway Authority of India. DBL has incorporated three SPV (Special Purpose Vehicle) companies for the projects.

PVR signed a deal with IMAX for additional 5 screens. IMAX is known for delivering better movie experience. The installation of the additional screens would cost approximately Rs. 55 Cr.

Kolte Patil Developers signed its largest re-development project in Mumbai with 15,035 square meters plot area. The project is located in a strategic region in the vicinity of the highway and upcoming metro line.

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