Equity Research Lab:Daily outlook

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 INDEX OUTLOOK
NIFTY FUTURE:-Nifty closed at 8194.55 on Thursday . The Indian equity
market closed with smart gains on Thursday after trading sideways in the
past two trading sessions. Benchmarks shrugged off early morning losses
and rebounded into the positive zone during afternoon trades led by
gains in the metal, banking, industrial, auto, energy, oil and gas, capital
goods and select power stocks. Even the BSE Midcap and Smallcap
stocks ended higher. However, pharma and consumer durables indices
ended the day in the red .

INTRADAY STRATIGY:-Buy Nifty future above 8250 for the tgt of 8300-8350
sl 8170.

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CORPORATE NEWS :Coal India soared 3.2% to Rs.306. The company has achieved a production of
42.58 million tonnes in May, lower than the target of 44.64 million tonnes (MT) for
the month. During the months of April and May, the miner produced 82.93 MT of
coal against the target of 89.12 MT.
BPCL Ltd has announced that it has received shareholder nod to
increase FII Investment Limit to.
India's central bank is trying to clean up the balance sheets of the country's banks.
Government Support Underpins Ratings On Indian Public Sector Banks. (RBI)
ongoing asset quality review has tested the government's willingness to support
public sector banks. Support has so far been forthcoming, and the Indian government
has reiterated its intention of providing capital to public sector banks, even beyond
the budgeted amounts, if needed. We continue to believe there is a very high
likelihood that the government will support India's banks, and that forms a pivotal
point in our assessments of capital position and extraordinary support for the banks

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CHART INTERPRETATION :Nifty spot close at 8218.95 on Thursday . At higher side, important level 82508500. As long as Nifty future manages to sustain above this level on intraday
declines, the trend will be strong and nifty future will try touch further higher levels
from this level. At lower side, support near 8000. Further weakness is nifty future
is possible only if Nifty future falls and stays below the important support of 80007950. At lower side nifty support level may be in the range of 7800-7700.
Mechanical indicator stochastic RSI also showing consolidated trend.

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NIFTY DAILY OUTLOOK NIFTY SPOT :

8218.95
Nifty Future R1: 8277 R2: 8312 R3: 8370
Pivot: 8219

S1: 8185 S2: 8126 S3: 9012

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