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Thursday, January 19, 2017

Rupee opens at 68.20 per dollar; down 12 paise

According to Mohan Shenoi of Kotak Mahindra Bank, "Rupee to trade today in a range of 68.10-68.40/dollar."

The Indian rupee slipped in the early trade on Thursday. It has opened lower by 12 paise at 68.20 per dollar versus 68.08 Wednesday.

Mohan Shenoi of Kotak Mahindra Bank said, "Rupee to trade today in a range of 68.10-68.40/dollar."

Also Read - Dollar collapses, weakness to continue in near term: Expert

The dollar index strengthen boosted by comments from Federal Reserve Chair Janet Yellen and a solid reading on the US consumer price index and industrial output figures that outpaced expectations boosted dollar .
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Wednesday, January 18, 2017

Expect Nifty futures to open at 8420: Dynamic Levels

Nifty Future is opening at 8420 as per SGX Nifty at 8:50 am IST, almost 17 points above its previous close of 8403, says Dynamic Levels.
Nifty trading in a range, awaiting the next trigger

Indian Market Outlook: Indian benchmark Index Nifty Futures, opened at 8434 and after making a high of 8448 fell sharply by 56 points to make a low of 8392 yesterday. Nifty Futures finaly closed at 8403. Indian benchmark index Nifty was stuck in a trading range with no major triggers moving the markets. The past few days have seen sideways movement and FII and Pro have been buyers in Index options for the January series which should support the markets at lower levels and this should support Nifty at 8350-8370.

Markets are expected to remain in a range of 8450 on the upside and 8375 on the downside. Banking stocks were mildly positive after a positive opening with Bank nifty making a high of 19200 before a pullback was witnessed. Yesterday was the first time in January, when the Bank Nifty Index corrected by more than 200 points from its recent highs.

FII were buyers for the first time in January, in the cash markets, but the buying was offset by DII selling yesterday. If DII start to book profits, the upside resistance of 8450 and 8520 might be difficult to breach and sustain. The upcoming Trump Policies due on 20th of this month would be the next big trigger for the global markets.

Nifty Future is opening at 8420 as per SGX Nifty at 8:50 am IST, almost 17 points above its previous close of 8403.

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, January 17, 2017

Nifty to test resistance of 8470: Stewart & Mackertich

According to a report by Stewart & Mackertich, taking global market cues Nifty is expected to open positive around 8440 mark and likely to test the resistance of 8470. Next resistance is placed around 8510. Downside supports are placed around 8370, 8350.

Taking global market cues Nifty is expected to open positive around 8440 mark and likely to test the resistance of 8470. Next resistance is placed around 8510. Downside supports are placed around 8370, 8350.

Previous day, Nifty closed with a minor gain of 0.15 percent at 8412.80.  Reacting up from day’s low 8375 followed by a closing above open led to a positive closing. Daily candle coupled with position of indicators suggest, Nifty going up to 8470 is the most likely. Next resistance is 8510.

On the Nifty hourly chart, it is oscillating in a tiny range of 8370 to 8440. 30 hourly EMA is placed around 8370. Further, for the second consecutive session Nifty found support at short-term trend line while RSI is taking support at the upward trend line which makes the bull case stronger.

Considering multiple time frames and overall chart pattern that shows Nifty may go up to 8470 and 8510, we recommend traders to stay long. Further, stock specific volatility may increase many folds, specially banking stocks.

Previous day, Bank Nifty closed at 19096.45 (up 0.97 percent). Resistances are placed around 19150 and 19300. 18850 and 18750 are the downside supports.

Nifty crucial supports & resistances for the day: 

Support: 8370, 8350

Resistance: 8440, 8470, 8510.

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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Monday, January 16, 2017

Strong support for Nifty at 8250-8320: Angel Broking

In case of a dip, 8320 – 8250 would be seen as strong support levels for the Nifty. Since, the index has already given a decent run of late, we would now advise traders to focus on individual stocks which may fetch higher returns as compared to the index, says Angel Broking.

Sensex (27238)/Nifty (8400)

Last week, we saw Nifty struggling around the 8300 mark, in fact, the same thing was witnessed in the early part of the week gone by. However, similar to 8200, the index chose to surpass this hurdle with a strong gap up opening, which was a sign of strength.

As a result, we saw strong follow up buying to test the expected target of 8450 on Friday. Now, due to last week’s up move, the Nifty has managed to close decisively above the '20 EMA' as well as 'Parabolic SAR', which has confirmed a bullish signal on weekly chart. In addition, the ‘RSI – smoothened’ oscillator has given a positive crossover with its average in the same time frame chart. On Friday, we saw some profit booking after reaching the downside gap area (8460 – 8510) formed on November 11, 2016.

Going ahead, considering recent sharp rally, we may see Nifty consolidating around 8460 and then at 8598, which can termed as immediate hurdles. However, there would just be a pause in the momentum as the undertone still remains bullish and we expect buying emerging at lower levels.

On the other hand, in case of a dip, 8320 – 8250 would be seen as strong support levels for the index. Since, the index has already given a decent run of late, we would now advise traders to focus on individual stocks which may fetch higher returns as compared to the index.

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.
www.Shristocktips.com