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Thursday, December 8, 2016

Sensex, Nifty, Midcap jump over 1%; Tata Motors zooms, DRL down

Equity benchmarks as well as broader markets climbed over a percent in morning trade, driven by positive global cues. Even the withdrawal of incremental CRR hike boosted the sentiment further.

10:45 am Royal Enfield in Australia: Niche bike maker Royal Enfield has opened its first exclusive brand store in Melbourne as part of its growth strategy in Australia.

The company, which aims to be a leading player globally in mid-sized motorcycle segment (250-750cc), currently has 25 dealerships across the country.

The exclusive brand store at Melbourne showcases the company's complete range of motorcycles, apparel and accessories under one roof.

"Australia represents one of the most important matured markets for Royal Enfield and we are already witnessing an upward growth in the market, a testimony to which is the 63 percent growth we have received in the first three quarters of 2016, compared to same period last year," Royal Enfield President Rudratej Singh today said in a statement.

10:35 am Buzzing: Hyderabad-based healthcare company Divis Laboratories shares rallied more than 6 percent intraday after Visakhapatnam unit received form 483 from the US health regulator.

"The US Food and Drug Administration has issued a form 483 with 5 observations to company's unit-II at Visakhapatnam, Andhra Pradesh," the company said in its filing.

The company will respond to the USFDA letter within the time permitted, it said.

The US health regulator had an inspection of the plant during November 29 to December 6, 2016.

10:20 am Oil Update: Oil prices edged up in thin trading after steep falls in the previous session, supported by a weaker dollar, positive economic data and a drawdown in US crude stocks.

International Brent crude futures were trading up 4 cents at USD 53.04 a barrel after closing the previous session down 93 cents. STOCK TIPS

US benchmark West Texas Intermediate crude oil prices gained 13 cents to USD 49.90 a barrel.

Crude oil inventories in the United States dropped 2.4 million barrels in the week that ended on December 2, compared with analyst expectations for a draw of 1 million barrels.

But stocks at the Cushing, Oklahoma, delivery hub for US crude futures, increased by a hefty 3.8 million barrels last week, the most since 2009, according to data from the US Energy Information Administration on Wednesday.

10:00 am Market Check

Equity benchmarks as well as broader markets climbed over a percent in morning trade, driven by positive global cues. Even the withdrawal of incremental CRR hike boosted the sentiment further.

The 30-share BSE Sensex was up 361.48 points or 1.38 percent at 26598.35 and the 50-share NSE Nifty gained 113.40 points or 1.40 percent at 8215.45.

The market breadth was strong as about five shares advanced for every share falling on the Bombay Stock Exchange.

Tata Motors was the biggest gainer, up 3.7 percent as analysts feel the valuations are attractive after fall in November.

ITC, HDFC, Reliance Industries, HDFC Bank, Infosys, L&T and Maruti Suzuki were other leading contributors to Sensex's gains, up 1-2.5 percent whereas Dr Reddy's Labs was the only loser.

Asian markets were mostly exuberant, after major US indexes had a banner session, hitting record highs overnight, and as forecast-beating China trade data buoyed sentiment. Japan's Nikkei, Hong Kong's Hang Seng, Australia's ASX 200 and South Korea's Kospi were up 0.6-1.2 percent.
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Wednesday, December 7, 2016

Expect Nifty futures to open at 8186: Dynamic Levels

Nifty Dec Futures is expected to open at 8186 as per SGX Nifty at 8:30 am IST, which is 21 points above its previous close of 8165, says Dynamic Levels.
RBI may cut 50 Bps, Nifty to rise sharply, RBI policy at 2:30 PM IST

Indian Market Outlook:

Indian benchmark Index Nifty opened at 8173 yesterday and rose 46 points to make a high of 8219. Nifty sharply fell by 51 points from its high to make a low of 8157 and finally closed at 8165. FII, after a long selling spree ended the day yesterday with a net buying in the cash segment worth Rs 162 crore for the first time since Nov 9th. The buying however is not very significant hence would need a day or two of continued buying momentum accompanied with above average buying in the cash segment to confirm a clear upside trend.

Today, the D-Day for RBI governor Urjit Patel's second monetary policy, the markets already have high hopes of a interest rate cut. A rate cut would result in a weaker Rupee which would directly benefit the export oriented companies and rate sensitive companies. IT and the financial services sector would be the direct beneficiaries. Economists surveyed as per Bloomberg, expect RBI to reduce interest rates by 25 bps. Markets seem to have already factored in the upcoming move. Any surprise decision might result in a volatile move.

Nifty Dec Futures is expected to open at 8186 as per SGX Nifty at 8:30 am IST, which is 21 points above its previous close of 8165.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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Tuesday, December 6, 2016

Resistance for Nifty at 8240: Motilal Oswal

According to Motilal Oswal, Nifty may face resistance at 8190 and 8240 and has support at 8140 and 8100.
Nifty Outlook

The occurrence of 'Doji' on the weekly scale warrants towards a confined action within a tight range of 8250- 8050 for the week. A decisive breach outside the pattern could attract momentum. Though the daily RSI compliments the ongoing pullback move which could get arrested soon as the larger degree trend remains weak.

Hence mean reversion strategies could be adopted near extremes until a decisive breach is not evident.

Nifty may face resistance at 8190 and 8240 and has support at 8140 and 8100.

Market Drivers

Indian market saw some recovery from lows ahead of the commencement of RBI policy meeting. Nifty closed up 42 pts at 8129. The consensus estimate remains of a 25 bps rate cut. Post demonetisation the expectation remains of interest rates moving lower. But the bigger concern would continue to be the impact of demonetisation. Signs of stabilisation and recovery in discretionary consumption would augur well for the markets. While interest rate sensitive's may be in focus given the RBI policy, the sector rotation theme into pharma, utilities, defense, infra could continue.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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Friday, December 2, 2016

Rupee opens marginally higher at 68.28 per dollar

The USD-INR is now expected to consolidate within the 68.20-68.50/dollar range, says Bhaskar Panda of HDFC Bank.

The Indian rupee opened marginally higher at 68.28 per dollar on Friday versus previous close 68.34.

Bhaskar Panda of HDFC Bank said, "Uncertainty due to demonetisation and issues related to FCNR outflow is almost over. The effect of CRR increase is also discounted."

"Indian foreign exchange market is now more or less stabilised after USD-INR pair touched a lifetime high of 68.86/dollar earlier. The pair is now expected to consolidate within the 68.20-68.50/dollar range," he added

Also Read -  Rupee's slide from outflows, demonetization likely near end:Poll

The dollar lost some ground against a basket of currencies as traders booked gains following a solid November and on caution ahead of today's government payrolls report.
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