NIFTY OUTLOOK

REPORT
06th February 2017
Prepared by: Meenakshi Pal
 06th February 2017

NIFTY FUTURE

NIFTY FUTURE : R1:8770 R2:8786 R3:8809

PIVOT :8747 S1:8731 S2:8709 S3:8693

NIFTY DAILY CHART

CHART INTERPRETATION

MACD and Price ROC are both positive and continue in Buy mode. RSI (72) still suggests bullish
momentum. Stochastic Oscillator %K (96) is above %D, indicating a Buy. But both RSI and Stochastic
Oscillator are overbought. ADX is at 36 which suggest that the Uptrend is very strong. This week, the
indices tested the short term average of 22dma Nifty 8473 close above it. the indices continue to
remain above the medium term average of 55dma Nifty 8268 but above the long term average of
200dma Nifty 8356. Thus the trend in the short term, medium term and even the long term timeframe
continues to remain upwards. The support for the Nifty is 8640-8627-8580-8550-8500-8430 and the
resistance to the up move is at 8730-8775-8800-8830-8890-8950-9000 levels.
INDEX OUTLOOK

NIFTY FUTURE: Sensex opened the week at 27866,made a high of 28299, low of 27590 and closed the
week at 28240. Thus it closed the week with a gain of 358 points. At the same time the Nifty opened
the week at 8635, made a high of 8757, low of 8537 and closed the week at 8740. Thus the Nifty
closed the week with a gain of 99 points. Indices on Friday ended flat as investors preferred to stay on
the sidelines ahead of the Reserve Bank of India's policy meeting next week . Technically, Indian
Stock Market is still in positive zone and traders should go long at every dip in the market. Some profit
booking cant be ruled out but every downfall would be temporary and an opportunity for traders to go
long in the market. Nifty is now headed towards 8900-9000 levels. Bank Nifty is in positive
momentum and would drive Nifty towards specified targets. Traders can hold long positions with
Stoploss of 8627 for Nifty spot levels and 19726 for Bank Nifty spot levels on closing basis. Market
would enter into negative zone, if it closes below these levels. For now, Market has taken monthly
reversal and 9000 levels would achieve in upcoming days for Nifty irrespective of any temporary
downfall.
 06th February 2017

SECTORAL INDICES

Key Indices Levels to watch out for the day

INDEX (Spot) RESISTANCE RESISTANCE LTP SUPPORT 1 SUPPORT 2
2 1
SENSEX 28500 28350 28240.52 28050 27885
NIFTY 8810 8770 8740.95 8680 8630
NIFTYBANK 20580 20400 20196.80 20000 19850
NIFTYIT 10275 10175 10025.80 9900 9800

CORPORATE NEWS

Glenmark Pharma surged after the company reported 144% increase in its consolidated net profit to Rs 477cr
in December quarter against Rs 196.2cr a year ago. Its total income rose 42.6% to Rs 2,535cr. The shares
closed higher by 4.2%.

Strides Shasun reported a 3-fold jump in third quarter consolidated net profit at Rs 187.3cr compared with Rs
58.9cr in year-ago period. Revenue grew by 7.7% (YoY) to Rs 934cr in Q3FY17. The shares of the company hit a
fresh 52 week high of Rs 1274.7 before closing at Rs 1194.7 up 10.2%.

MRF Ltd posted 30.7% fall in standalone net profit at Rs 288.1cr for the quarter ended Dec 31, 2016 against a
consolidated net profit of Rs 415.6cr in the year-ago period, due to higher expenses. The stock closed lower by
1%.
 06th February 2017

ERL RESEARCH TEAM

Member Name Designation E-mail ID

Mr. Tuhinanshu Jain Research Head Tuhinanshu.jain@equityresearchlab.co.in
Mr. Yogesh Subnani Sr. Research Analyst Yogesh.subnani@equityresearchlab.co.in
Miss. Meenakshi Pal Sr. Research Analyst Meenakshi.pal@equityresearchlab.co.in

DISCLAIMER

The information and views in this report, our website & all the service we provide are believed to be
reliable, but we do not accept any responsibility (or liability) for errors of fact or opinion. Users have
the right to choose the product/s that suits them the most. Investment in Stocks has its own risks.
Sincere efforts have been made to present the right investment perspective. The information contained
herein is based on analysis and up on sources that we consider reliable. We, however, do not vouch
for the accuracy or the completeness thereof. This material is for personal information and we are not
responsible for any loss incurred based upon it & takes no responsibility whatsoever for any financial
profit s or loss which may arise from the recommendations above. The stock price projections shown
are not necessarily indicative of future price performance. The information herein, together with all
estimates and forecasts, can change without notice.

Equity Research Lab does not purport to be an invitation or an offer to buy or sell any financial
instrument. Analyst or any person related to Equity Research Lab might be holding positions in the
stocks recommended. It is understood that anyone who is browsing through the site has done so at his
free will and does not read any views expressed as a recommendation for which either the site or its
owners or anyone can be held responsible for. Any surfing and reading of the information is the
acceptance of this disclaimer.

Our Clients (Paid or Unpaid), any third party or anyone else have no rights to forward or share our
calls or SMS or Report or Any Information Provided by us to/with anyone which is received directly
or indirectly by them. If found so then Serious Legal Actions can be taken. Any surfing and reading of
the information is the acceptance of this disclaimer.

ALL RIGHTS RESERVED.