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8thApril 2016 Nifty tips NIFTY SPOT: 7546.45 Nifty Future R1: 7614 R2:7664 R3: 7694 Pivot: 7584 S1: 7535 S2:7505 S3:7455
CHART INTERPRETATION • Nifty spot close at 7546.45 on Thursday. nifty spot trade between the range of 7550-7700 above that level, nifty may be touch the new level of 7800-7950 . Next major resistance for nifty may be 7950. • Mechanical indicator stochastic RSI also showing positive trend.
INDEX OUTLOOK • NIFTY FUTURE:- Nifty future closed at 7565.05 on Thursday. Equity benchmarks hit three-week low on Thursday, falling nearly a percent led by heavyweights HDFC, ITC, Infosys and Larsen & Toubro. Weakness in European markets and oil prices also added fuel to the fire. Profit booking could be another reason for sell-off as foreign institutional started selling in April after buying of shares worth Rs 23,620 crore in March. • INTRADAY STRATIGY: - Buy Nifty above 7650 for the tgt of 7700-7750 with the sl of 7570 .
CORPORATE NEWS • Bhel jumped on charts after the company has recorded the highest-ever commissioning of projects in its history and the highest order booking in the last five years in FY 2016. • KNR Constructions has in joint ventures, bagged orders worth Rs 983.69 crore.
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