RESEARCH BHASKAR :- 

NIFTY SPOT :        R1:9350        R2:9416          R3:9456

PIVOT : 9311.46     S1:9245        S2:9206          S3:9140

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. 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. Among oscillators, the 14 period RSI is exhibiting a negative divergence as it has formed lower high against higher high on price front. This may keep the index vulnerable to bouts of profit taking at higher levels.

 
INDEX OUTLOOK :-

Nifty Future:-

The Nifty is likely to open flat to positive on the back of weak Asian cues.

Its important to sustain above 9260 to move upwards. Buy Nifty near 9270-9290 for targets of 9350,9400 stop loss: 9250 Nifty Bank Future: The index witnessed a sharp fall last Friday. However, the level of 22500 acted as a strong support for the day. Towards the end, the index ended well above 22650 with stock specific activity in a few heavyweights. We feel the index has a strong support near 22500. It is advisable to buy on dips until the index does not end below these levels. Buy Nifty Bank in the range of 22500-22550, targets: 22650-22750, stop loss: 22430.

CORPORATE NEWS :-     

Eicher Motors’ consolidated revenue increased by 23.2% YoY to Rs. 1,888cr. EBITDA for the quarter rose 30.8% YoY to Rs. 584.7cr with a 179bps expansion in EBIDTA margin, which stood at 31%. PAT increased by 33.9% YoY to Rs. 459cr, partly led by 22% YoY rise in other income.

Atul Ltd reported 15.2% increase in its standalone revenue, which stood at Rs. 720cr, primarily driven by 29% YoY growth in Life Science Chemicals and 12% YoY growth in performance and other chemicals segment. EBITDA for the quarter fell by 10.5% YoY to Rs. 101cr with a 405 bps contraction in EBITDA margins, which stood at 14%. The margin contraction was driven by increase in power & fuel cost and raw material prices. PAT declined by 3% YoY to Rs. 64cr.

Shares of Jubilant Life Sciences closed higher by 3.5% on news that the company is going to acquire the radio pharmacy business of Triad Isotopes. The acquisition will facilitate Jubilant forward integrate in the radiopharmaceutical business, thereby helping it better directly serve healthcare providers and their patients with high quality radiopharmaceutical products.

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