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NIFTY OUTLOOK
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REPORT
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1 December 2016
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Prepared by: Meenakshi Pal
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st

01st December 2016

NIFTY FUTURE

NIFTY FUTURE :
PIVOT :8232

R1:8298
S1:8194

R2:8336
S2:8128

R3:8402
S3:8089

NIFTY DAILY CHART

CHART INTERPRETATION
Technically, A strong break below 8000 will increase the downside pressure and drag it to 7900/7750. Traders can
go short on a break below 8000.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 7900. 7900
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 7900 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 key benchmark extended their gains in the late afternoon session and was hovering

near the highest point of the day on continued buying by domestic institutional investors amid higher
opening among European counterparts. Sentiments remained upbeat on expectations of positive GDP
data to be released later in the day. Further, Oil markets edged up ahead of an OPEC meeting later in
the day, with members of the producer cartel trying to thrash out an output cut to curb oversupply that
has seen prices more than halve since 2014. Nifty closed 82.35 points higher at 8,224.50. The India
VIX index was down 4.84% at 16.8500. The BSE Midcap closed at 12498.62 and Smallcap indices
closed at 12329.65, both indices ending up by 1%. The rupee was trading at 68.48 per US dollar. On
the global front, most Asian indices closed in green and marginally up. where all indices were trading
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in green while, the US Nasdaq was also up 0.21%.
STRATEGY: Buy Nifty Future above 8270 for the target of 8320 -8370 with the stop loss of 8200.

01st December 2016

SECTORAL INDICES

INDEX
(Spot)
SENSEX
NIFTY
NIFTYBANK
NIFTYIT

Key Indices Levels to watch out for the day

RESISTANCE
RESISTANCE
LTP
SUPPORT 1
2
1
27050
26850
26652.81
26440
8350
8280
8224.50
8160
18970
18800
18627.80
18430
10300
10170
10087.65
9980

SUPPORT 2
26250
8100
18200
9890

CORPORATE NEWS

Vivimed Labs closed higher by 7% after the company stated that the US health regulator has
completed the inspection of its manufacturing facility in Alathur. The companys Finished Dosage
Form manufacturing facility has had a favorable outcome post its US Food and Drug Administration
(USFDA) inspection.

Lupin Ltd stated that it has received approval from the US health regulator to market its Armodafinil
tablets, indicated to improve wakefulness, in the US market.

Idea Cellular Ltd fell 2% to Rs77.3 after the company said in a notice to BSE that the media reports
that the company looking to sell 20% stake is just a speculation.

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01st December 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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