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NIFTY OUTLOOK
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REPORT
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31 January 2017
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Prepared by: Meenakshi Pal
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st

31st January 2017

NIFTY FUTURE

NIFTY FUTURE :
PIVOT :8657

R1:8679
S1:8633

R2:8703
S2:8612

R3:8725
S3:8588

NIFTY DAILY CHART

CHART INTERPRETATION
Technically, analysis would remain same and Indian Stock Market is still in positive zone. Market
would enter into negative zone once Nifty closes below 8380 levels for Nifty Traders can initiate
fresh short position once market closes below these levels. Market has consolidated for long time
and now there are strong possibility of a breakout or breakdown in upcoming days. Once Nifty
closes below 8350 levels then market would see a sharp breakdown. So traders can hold long
positions only till Nifty hold these levels by closing. Nifty would see strong support at 8630-86108580-8550 whereas strong resistance would be seen at 8680-8700-8730 levels.
MACD
and Price
ROC are both negative and continue in sell mode. RSI (40) suggests bearish momentum.
INDEX
OUTLOOK
NIFTY FUTURE: Equity benchmarks ended range bound session flat with a negative bias on Monday as

investors turned cautious ahead of the Union Budget on February 1. The market fell for first time in
last five consecutive sessions, partly due to weak global cues. Sensex lost 32 points to close at
27849.56, while the Nifty ended below the 8650-mark at 8632.75, down 0.10 percent. The market
breadth was negative as about 1578 shares declined against 1163 advancing shares on the BSE. we feel
that 8450-8550 has become a support for the Nifty now. Whatever happens in the Budget we believe
this support zone should get respected. Nifty might be touch 8,750 in the extreme short term and hit
8,900 in the medium term. IT stocks continued to be under pressure. Nifty IT closed in red at 10170.65
levels, down by 11.20 points or 0.11%. Heavyweight player from the IT bunch, TCS closed at Rs
2338.85 per share, down by Rs 18.95 per share or 0.80%.

STRATEGY: Buy Nifty Future above 8680 for the target of 8730 -8780 with the stop loss of 8610.
WWW.EQUITYRESEARCHLAB.COM

31st January 2017

SECTORAL INDICES

INDEX (Spot)
SENSEX
NIFTY
NIFTYBANK
NIFTYIT

Key Indices Levels to watch out for the day

RESISTANCE 2
RESISTANCE 1
LTP
SUPPORT 1
28175
28000
27849.56
27750
8725
8675
8632.75
8600
19900
19750
19585.25
19450
10400
10275
10170.65
10050

SUPPORT 2
27570
8545
19300
9900

CORPORATE NEWS

Tech Mahindra reported a 31.3% increase in Net Profit to Rs. 844.9 Cr against Rs. 643.4 Cr in the last quarter.
Total Income from Operations stood at Rs. 7,557.5 Cr against Rs. 7,167.4 Cr, up by 5.4% on a sequential basis.
The company added 12 clients during the quarter, taking total active clients count to 837 in Q3.
HDFC reported an 11.9% rise in standalone Net Profit to Rs. 1,701 Cr against Rs. 1,520.5 Cr in the
corresponding quarter last year. Total Income increased 12% to Rs. 8,137.2 Cr as compared to Rs. 7,268.4 Cr in
the corresponding quarter last year. Asset quality weakened as Gross NPAs stood at 0.81% for the quarter,
against 0.76% previously.
Vodafone confirmed that the company is in talks with AB Group for a merger between Idea and Vodafone
India. The companies refused to share further details of the talks. Idea shares closed up 25.6%.

WWW.EQUITYRESEARCHLAB.COM

31st January 2017

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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