Equity Research

Lab:-Daily OutLook

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NIFTY DAILY OUTLOOK NIFTY SPOT :

8170.05
Nifty Future
R3 :8397

R1: 8269

Pivot: 8220
S3 : 8013

S1: 8141

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R2: 8348
S2: 8092

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CHART INTERPRETATION:Nifty spot close at 8107.05 on Friday . At higher side,

important level 8200-8300. 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
8000-7950. 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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INDEX OUTLOOK:NIFTY FUTURE:Nifty closed at 8190.40 on Friday . The Indian stock market closed lower
for second consecutive session. After opening on a flat note, indices
moved higher surging past the 8250 mark, however it was short lived as
selling pressure in the realty, auto, industrials stocks. On the other hand,
power and utilities stocks ended with marginal gains. Investors also
remained cautious ahead of IIP data for April which is scheduled to be
released later in the day.
INTRADAY STRATIGY:Buy Nifty future above 8200 for the tgt of 8250-8300 sl 8130.

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CORPORATE NEWS:Sugar stocks surged on news that the government is planning to

impose a 25% export tax on sugar exports to maintain adequate
supplies and prices in the local market. Stocks namely; Uttam sugar,
Dharani sugar, Uttam sugar, Oudh sugar, etc. rose during the trading
session.
Solar Industries shares rose 3.18% after the company announced that
it got order from Singareni Collieries Co. Ltd. worth Rs. 443.44 cr.
The government is considering a proposal to relax FDI norms in
Brownfield Pharmaceutical companies in a bid to attract more foreign
investment in the sector. The ministry has proposed that 49% FDI be
allowed through the automatic route. Currently, 100% FDI is permitted
for new projects whereas FDI in brownfield companies requires FIPB
(Foreign Investment Promotion Board) approval.
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