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NIFTY OUTLOOK
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REPORT
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17 November 2016
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Prepared by: Meenakshi Pal
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17th November 2016

NIFTY FUTURE

NIFTY FUTURE :
PIVOT :8146

R1:8197
S1:8067

R2:8276
S2:8016

R3:8327
S3:7937

NIFTY DAILY CHART

CHART INTERPRETATION
Technically, A strong break below 8100 will increase the downside pressure and drag it to 7900/7750. Traders can
go short on a break below 8100.On the other hand, a decisive break above 8280 will ease the downside pressure
and take the index futures higher to 8450 and 8550 thereafter. Indian Stock Market is still in negative zone but
market would see a bounce at lower levels near support. Nifty is laying near its major support level of 8100. 8100
is a make or break level on closing basis. If Nifty closes below those levels then a breakdown would be seen in the
market and we can even see levels of 7900-7700-7700 in days to come. If Nifty holds 8100 for next couple of
days then we would see a sharp positive rally.
MACD and Price ROC are both negative and continue in sell mode. RSI (40) suggests bearish momentum.

INDEX OUTLOOK
NIFTY FUTURE: The market swinging between red and green throughout the day. Last 30 minutes saw

spurt in selling as government contemplates to completely ban foreign direct investment (FDI) in the
tobacco sector. ITC was hammered 3 % at closing. ITC, Sun Pharma & Kotak Mahindra Bank dragged
benchmark indices the most. After briefly slipping below 8100 just before closing, the Nifty ended at
8111.60 up 3.15 points and the Sensex was down 5.94 points at 26298.69. About 1056 shares
advanced, 1543 shares declined, and 155 shares were unchanged. As market continues to battle
backlash of demonetization for another day. The India VIX (Volatility) index was down 3.18% at
19.5025. The BSE Midcap and Smallcap indices ended up. The rupee was trading down 10 paise at
67.84 per US dollar.
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STRATEGY: Sell Nifty Future below 8100 for the target of 8050 -8000 with the stop loss of 8180.

17th November 2016

SECTORAL INDICES

INDEX (Spot)
SENSEX
NIFTY
NIFTYBANK
NIFTYIT

Key Indices Levels to watch out for the day

RESISTANCE 2
RESISTANCE 1
LTP
SUPPORT 1
26880
26600
26298.69
26050
8300
8200
8111.60
8025
19600
19350
19108.10
18990
9930
9780
9641.00
9480

SUPPORT 2
25880
7975
18800
9350

CORPORATE NEWS

Welspun India reported a loss of Rs. 147.5 Cr in Q2, as against a profit of Rs. 179.4 Cr in the corresponding
quarter last fiscal. The company reported Rs. 501 Cr as an exceptional loss on account of the Egyptian cotton
issue. Revenue grew 21.8% to Rs. 1,789.9 Cr from Rs. 1,469.4 Cr in the same quarter last year.

Ramco Industries reported a Total Income from Operations rose 14.4% to Rs. 164.5 Cr against Rs. 143.8 Cr in
the corresponding quarter last fiscal. Net Profits stood at Rs. 10.9 Cr for Q2 as against a loss of Rs. 1 Cr in the
corresponding quarter last year. Shares closed up 5.4%.

Shares of Cigarette Companies fell after reports suggested that the Cabinet may consider complete ban of FDI
in tobacco sector. ITC Ltd fell 3.6%, whereas Godfrey Phillips India slumped 17.3%.

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17th November 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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