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23rd March 2016 Nifty Tips NIFTY SPOT: 7714.90 Nifty Future R1: 7756 R2:7786 R3: 7836 Pivot: 7706 S1: 7676 S2:7627 S3:7596
CHART INTERPRETATION • Nifty spot close at 7714.90 on Tuesday. nifty spot touch the new level of 7700 on Monday. Next major resistance for nifty may be 7950. • Mechanical indicator stochastic RSI also showing positive trend.
INDEX OUTLOOK • NIFTY FUTURE:- Nifty future closed at 7726.25 on Tuesday. The Indian equity market ended with modest gains on Tuesday amid a day of wild swings. The Nifty was seen gyrating over 80 points while Sensex swung 300 points between its intra-day highs and low . Today’s recovery was led by the realty, power, capital goods, auto and utilities stocks. Even the Mid-Cap and Small-Caps also participated in the late recovery. • INTRADAY STRATIGY:- Buy Nifty above 7720 for the tgt of 7770-7830 with the sl of 7640.
CORPORATE NEWS • Mahindra & Mahindra announced that its Mahindra Agri Business forayed into dairy business with the launch of its branded dairy products, 'Saboro‘. • Canara Bank will raise capital of Rs 3000 crore through issue of Basel-III compliant Tier II bonds by way of private placement. • Rajesh Exports has won a Rs. 1,045-crore export order from Singapore. • Excel Industries will consider a proposal for buyback of equity shares of the company at its board meeting to be held on 28 March 2016.
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