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NIFTY OUTLOOK
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REPORT
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8 September 2016
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Prepared by: Meenakshi Pal
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8th September 2016

NIFTY FUTURE

NIFTY FUTURE :
PIVOT :8961

R1:8980
S1:8932

R2:9008
S2:8913

R3:9027
S3:8885

NIFTY DAILY CHART

CHART INTERPRETATION
The only strategy for the traders should be to hold long positions or initiate fresh long positions at every
dip in the market. And Expectations of a good monsoon have once again reinforced the confidence
among market participants that the growth may come back on a good note, timely onset of the
monsoons will be a positive for the markets. A strong break below 8600 will increase the downside
pressure and drag it to 8400/8300. Traders can go short on a break below 8600.On the other hand, a
decisive break above 8820 will ease the downside pressure and take the index futures higher to 8900
and8950thereafter.
Mechanical indicator stochastic RSI also showing consolidated trend.
INDEX OUTLOOK
NIFTY FUTURE: Nifty closed with a loss of 25 points at 8,918. After strong rally in the
previous two sessions, markets remained in consolidation mood on Wednesday and ended with
marginal losses. Weak global cues, profit booking weighed on the domestic bourses. Todays
decline was led by the utilities, oil & gas, IT, finance and teck stocks, while capital goods, metal,
realty, power, industrial, pharma and basic materials were among the gainer. On the economy
front, Arun Jaitley today said India is not ready for their privatisation and the present
characteristics of PSU banks will continue except for IDBI Bank. On stressed assets, the finance
minister said the Centre has initiated a large number of steps to reduce NPAs.
The India VIX (Volatility) index was up 3.09% at 13.1450.
WWW.EQUITYRESEARCHLAB.COM

STRATEGY: Buy Nifty Future above 8950 for the target of 9000 -9050 with the stop loss of 8870.

8th September 2016

SECTORAL INDICES

Key Indices Levels to watch out for the day

INDEX (Spot)

RESISTANCE RESISTANCE
2
1

LTP

SUPPORT 1

SUPPORT 2

SENSEX

28387

28270

28085

27967

27783

NIFTY

8753

8715

8664

8627

8538

NIFTYBANK

19209

19096

18912

18800

18615

NIFTYIT

11358

11266

11209

11117

11060

CORPORATE NEWS

Bharat Heavy Electricals Limited (BHEL) reported a 54.2% jump in net profit to Rs. 77.8 Cr for Q1, as
against Rs. 50.4 Cr in the corresponding quarter last fiscal. Total Income from Operations was up by 28.7% at
Rs. 5,622.5 Cr, compared to Rs. 4367.7 Cr previously. Shares of BHEL closed up 15.6%.

SpiceJet reported a 104% rise in net profit for Q1 at Rs. 149 Cr, as compared to Rs. 73 Cr previously. Total
Revenues increased by 36.7% to Rs. 1,521.5 Cr against Rs. 1,113 Cr previously. Shares closed up 20%.

Oil India Limited (OIL) reported a 33.5% drop in net profit to Rs. 494.4 Cr for Q1, against Rs. 743.2 Cr
previously. Total Income from Operations fell by 23% to Rs. 2,221.2 Cr, from Rs. 2,882.6 Cr previously.

WWW.EQUITYRESEARCHLAB.COM

8th September 2016

ERL RESEARCH TEAM

Member Name

Designation

E-mail ID

Mr. Tuhinanshu Jain

Mr. Yogesh Subnani
Miss. Meenakshi Pal

Research Head
Sr. Research Analyst
Sr. Research Analyst

Tuhinanshu.jain@equityresearchlab.co.in
Yogesh.subnani@equityresearchlab.co.in
Meenakshi.pal@equityresearchlab.co.in

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