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11thApril 2016 Nifty Tips NIFTY SPOT: 7555.20 Nifty Future R1: 7602 R2:7627 R3: 7658 Pivot: 7571 S1: 7546 S2:7515 S3:7490
CHART INTERPRETATION • Nifty spot close at 7555.20 on Friday . 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 7578.10 on Friday. After a consolidation, equity benchmarks ended the Friday's session on a flat note but lost 2 percent during the week. The broader markets outperformed on the back of positive breadth. Banks and infra stocks gained while IT and select auto & oil stocks were down. • INTRADAY STRATIGY: Buy Nifty above 7600 for the tgt of 7650-7700 with the sl of 7530 .
CORPORATE NEWS • Tata Power Company announced that its wholly owned subsidiary based in Singapore, Tata Power International has signed an agreement with KS OrkaRenewables for sale of its 50% stake in OTP Geothermal (OTP). The aggregate cash consideration for the transaction is USD 30 million. • Domestic passenger car sales declined 0.3% to 1,75,730 units in March from 1,76,260 units in the same month last year. However, motorcycle sales grew last month by 10.15% to 9,46,758 units as against 8,59,521 units a year ago, according to data released today by the Society of Indian Automobile Manufacturers (SIAM). Total two-wheeler sales in March rose by 10.92% to 14,67,714 units as against 13,23,184 units in the same month last year. Sales of commercial vehicles were up 22.03% to 79,865 units in March, SIAM said.
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