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NIFTY OUTLOOK
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REPORT
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23 November 2016
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Prepared by: Meenakshi Pal
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23rd November 2016

NIFTY FUTURE

NIFTY FUTURE :
PIVOT :7989

R1:8039
S1:7957

R2:8071
S2:7907

R3:8121
S3:7875

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: Short covering and positive global cues helped the BSE Sensex snap six-day losing

streak and the Nifty close above 8000 level on Tuesday after volatility. The broader markets
outperformed benchmarks with the BSE Midcap and Smallcap indices rising more than 1.1 percent.
Commodities also bounced back after fall in dollar. Sensex was up 195.64 points at 25960.78 and
Nifty climbed 73.20 points to 8002.30. The market breadth also turned positive as about 1475 shares
advanced against 1083 declining shares on the BSE. Investors continued to avoid pumping in fresh
money into markets due to demonetization concerns and strengthening dollar. They maintained
cautious stance ahead of Federal Reserve's policy meeting in next month. The INDIA VIX closed 3.31% at 18.4650. Out of 1,516 stocks traded on the NSE, 556 declined, 896 advanced and 64
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remained unchanged today. The Rupee is trading marginally down at Rs. 68.19/$.
STRATEGY: Buy Nifty Future above 8000 for the target of 8050 -8100 with the stop loss of 7930.

23rd 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
26450
26220
25960.78
25700
8150
8080
8002.30
7920
19000
18800
18548.65
18300
9720
9570
9509.45
9380

SUPPORT 2
25475
7850
18100
9275

CORPORATE NEWS

Larsen & Toubro reported an 84.3% increase in Net Profit to Rs. 1,434.6 Cr in Q2 against Rs. 778.4 Cr in the
corresponding quarter last year. Total Income increased by 8.2% to Rs. 25,011 Cr against Rs. 23,123 Cr.
Operating Profit increased by 7.9% to Rs. 2,298 Cr.

IRB Infrastructure reported a 5% decline in Net Profit to Rs. 142.2 Cr in Q2 as against Rs. 149.7 Cr in the
corresponding quarter last year. Revenue increased 12.3% to Rs. 1,290.6 Cr as against Rs. 1,149.2 Cr
previously. Bottom-line was affected by higher finance costs, which increased 41.6% to Rs. 339.6 Cr in the
quarter. Shares closed down 3.8%.

Birla Corp reported a sharp increase in Net Profit in Q2 at Rs. 58.4 Cr against Rs. 23.2 Cr in the year ago period.
Total Income fell by 4% to Rs. 886.8 Cr in Q2 from Rs. 927.1 Cr during the same quarter in previous fiscal. Total
expenses were lower at Rs. 843.3 Cr from Rs. 899.5 Cr previously.

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23rd 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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