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NIFTY OUTLOOK
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REPORT
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14 September 2016
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Prepared by: Meenakshi Pal
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13th September 2016

NIFTY FUTURE

NIFTY FUTURE :
PIVOT :8758

R1:8789
S1:8711

R2:8836
S2:8679

R3:8867
S3:8632

NIFTY DAILY CHART


CHART INTERPRETATION
The only strategy for the traders should be to hold long positions or initiate fresh long positions at every
dip in the market. And Expectations of a good monsoon have once again reinforced the confidence
among market participants that the growth may come back on a good note, timely onset of the monsoons
will be a positive for the markets. A strong break below 8800 will increase the downside pressure and
drag it to 8500/8400. Traders can go short on a break below 8800.On the other hand, a decisive break
above 8970 will ease the downside pressure and take the index futures higher to 9050 and 9150
thereafter.
Mechanical indicator stochastic RSI also showing consolidated trend.
INDEX OUTLOOK
NIFTY FUTURE: The Indian equity market witnessed its biggest one day loss in percentage terms
since June 24 on Monday on account of weak global cues, profit booking and a weak rupee further
dampened sentiment. The Sensex and nifty witnessed its biggest one day loss in percentage terms
since June 24. The Bank Nifty fell most since April 5, 2016. The NSE Nifty closed with a loss of 151
points at 8,716. Nifty fell below the 8,700 level on the back of heavy selling after revived speculation
about a possible US rate hike. The stock market declined most since Britain voted to leave the
European Union on June 24. The India VIX (Volatility) index was up 15.19% at 13.2400.
The rupee was trading down 25 paise at 66.93 per US dollar.
STRATEGY: Buy Nifty Future above 8800 for the target of 8850 -8900 with the stop loss of 8730.

WWW.EQUITYRESEARCHLAB.COM

13th September 2016

SECTORAL INDICES
Key Indices Levels to watch out for the day
INDEX (Spot)

RESISTANCE 2

RESISTANCE 1

LTP

SUPPORT 1

SUPPORT 2

SENSEX

28685

28520

28353.54

28160

28000

NIFTY

8825

8770

8715.60

8650

8600

NIFTYBANK

20175

20000

19790.60

19620

19450

NIFTYIT

10640

10500

10374.95

10250

10100

CORPORATE NEWS

Glenmark Pharmaceuticals received the USFDA nod for its generic version of AstraZenecas
Xylocaine ointment. The ointment is used for treating certain skin conditions from itching and pain.

Reliance Power Ltd reported a 12.6% rise in net profit for Q1 at Rs. 340.5 Cr, as against Rs. 302.6 Cr
in the corresponding quarter last fiscal. Total income decreased slightly, to Rs. 2,678.7 Cr, from Rs.
2,683.9 Cr previously.

Tata Steel widened its loss to Rs. 3,183 Cr in Q1, as compared to a loss of Rs. 316.9 Cr in the
corresponding quarter last fiscal. Revenue missed analysts expectations, falling by 5.8% to Rs.
26,406.1 Cr, against Rs. 28,025.4 Cr previously.

WWW.EQUITYRESEARCHLAB.COM

13th September 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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