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NIFTY OUTLOOK
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REPORT
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29 December 2016
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Prepared by: Meenakshi Pal
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29th December 2016

NIFTY FUTURE

NIFTY FUTURE :
PIVOT :8051

R1:8079
S1:8003

R2:8127
S2:7975

R3:8155
S3:7927

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 Sensex, Nifty closed flat after paring all of their intraday gains in the last hour of

trade dragged lower by a sell-off in oil and gas companies on Wednesday and ahead of the expiry of
futures and options contracts of the December series due tomorrow. Weak global cues and a weak
rupee dampened the sentiment. Nifty closed with a marginal gain of two points at 8,035. The India
VIX (Volatility) index was up 3.04% at 15.54. On the global front, Asian markets were trading in
green as many regional markets resumed trading after the long holiday weekend. While a weaker yen,
higher oil prices and upbeat U.S. consumer confidence and housing data lent some support, new
regulatory measures unveiled in China to bring insurers under strict supervision served to limit the
potential upside to some extent. Shanghai Composite and Nikkei 225 closed lower, while Hang Seng
added 1% to 21,575. European markets were trading mostly in green after upbeat U.S. economic data
reinforced investor expectations for stronger economic growth under Trump presidency.
WWW.EQUITYRESEARCHLAB.COM

STRATEGY: Buy Nifty Future above 8050 for the target of 8100 -8150 with the stop loss of 7970.

29th 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
26550
26400
26210.68
26050
8150
8100
8034.85
7980
18200
18000
17876.70
17750
10350
10250
10198.60
10100

SUPPORT 2
25950
7950
17600
10000

CORPORATE NEWS

Sunil Hitech Engineers said it won order amounting to Rs. 434 crores from the state of Arunachal Pradesh for
National Highways & Infrastructure Development Corporation Ltd.

RPP Infra Projects received order from Kamarajar Port for construction of container pre-staking yard and other
ancillary facilities worth Rs 24.2 crores and work received from Annai Infra Developers, Erode for Chennai
Corporation to construct the integrated storm water drains in expanded area of Chennai Corporation for worth
Rs 30 crores.

Electrosteel Steels Ltd shares rose on news report that stated that the Piramal Enterprises and the
Renaissance Group are considering to jointly purchasing a 51% stake in Electrosteel Steels.

WWW.EQUITYRESEARCHLAB.COM

29th 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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