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

21st December 2016

NIFTY FUTURE

NIFTY FUTURE :
PIVOT :8102

R1:8132
S1:8069

R2:8164
S2:8039

R3:8194
S3:8007

NIFTY DAILY CHART

CHART INTERPRETATION
Technically, A strong break below 8000 will increase the downside pressure and drag it to 7900/7800.
Traders can go short on a break below 8000.On the other hand, a decisive break above 8200 will ease the
downside pressure and take the index futures higher to 8300 and 8350 thereafter. MACD and Price ROC are
both negative and continue in sell mode. RSI (40) suggests bearish momentum. This week, the indices tested
the short term average of 22dma Nifty 8242 but could not close above it. the indices continue to remain
below the medium term average of 50dma Nifty 8430 but above the long term average of 200dma Nifty
7600. Thus the trend in the short term and medium term timeframe remains bearish whereas the trend in
the long term timeframe still continues to remain Bullish.
MACD and Price ROC are both negative and continue in sell mode. RSI (40) suggests bearish momentum.

INDEX OUTLOOK
NIFTY FUTURE: The market slipped for the fifth consecutive session Tuesday with the Nifty closing

below 8100-mark, weighed by banking & financials stocks. The broader markets underperformed
benchmarks with the BSE Midcap and Smallcap indices falling 1.4% and 0.9%, respectively. Sensex
dropped 66.72 points to 26307.98 and Nifty slipped 21.95 points to 8082.40 amid lower trading
volumes. The market breadth weakened further in last hour of trade; more than two shares declined for
every share rising on the Bombay Stock Exchange. Overall the market has been rangebound, though it
fell further in today's trade. The broad range for the Nifty could be 7900-8300 in short term. Most
Asian indices ended down as shares in the emerging markets declined after the Bank of Japan kept its
key policy rates unchanged. The Indian rupee was down as foreign banks buy dollars, likely for FPI's
outflow from domestic markets.
STRATEGY: Buy Nifty Future
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above 8100 for the target of 8150 -8200 with the stop loss of 8030.

21st December 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
26650
26500
26307.98
26195
8180
8135
8082.40
8050
18420
18250
18069.40
17950
10535
10450
10322.85
10220

SUPPORT 2
26000
8000
17800
10130

CORPORATE NEWS

Granules India shares fell after the United States Food & Drug Administration (USFDA) completed the
inspection of their Vizag plant with seven observations. The facility produces API and is a 50:50 JV of Granules
and Ajinimoto OmniChem NV. Shares closed down 4.6%.

IL&FS wholly owned subsidiary GRICL Rail Bridge Development, secured orders for building 8 railway overbridges under PPP mode by the Gujarat R&B department for an estimated cost of Rs. 250 Cr.

Wockhardts shares surged after the UK health regulator confirmed that the manufacturing facility at
Chikalthana, Maharashtra complied with good manufacturing practices (GMP).

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21st 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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