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SAI PROFICIENT
RESEARCH
DAILY EQUITY REPORT
22-3-2016
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MARKET OUTLOOK
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NIFTY50
NIFTY SET FOR BIG RALLY REACHED AT 7704.25
NSE NIFTY GAINED TO HOLD 7604 LEVEL IN TRADE TODAY, UP
(+99.90 )POINTS TO 7704.25AT CLOSE.
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OBSERVATION:Nifty closed at 7704.25with a gain of +99.90 points. On the daily chart the index has formed a
bullish candle indicating positive bias.The index is moving in a Higher Top and Higher Bottom
formation on the daily chart indicating sustained up trend. The chart pattern suggests that if Nifty
crosses and sustains above 7730 level it would witness buying which would lead the index
towards 7730-7770 levels.However if index breaks below 7690 level it would witness selling
which would take the index towards 76450-7630 Nifty continues to remain in an uptrend in the
short to medium term, so buying on dips continues to be our preferred strategy. The daily
strength indicator RSI is moving upwards and above its reference line indicating positive bias.
However momentum oscillator Stochastic has turned negative from the overbought zone
indicating a possible consolidation or a down move in the near term The trend deciding level for
the day is7620. If NIFTY trades above this level then we may witness a further rally up to 77307750-7770 levels. However, if NIFTY trades below 7690 levels then we may see some loss
booking initiating in the market, which may correct up to 7 level.7640-7630.
Date
Index
Open
Close
High
Low
23-3-2016
Nifty
7604
7704.25
7723.20
7615.20
SUPPORT2
SUPPORT 1 RESISTANCE 1
RESISTANCE 2
7660
7684
7748
7725
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BANK NIFTY
BANKNIFTY IS LIKELY TO PERFORM AS SAME AS NIFTY-50
DATE
23-3-2016
Index
Bank Nifty
Open
15745
SUPPORT 2 SUPPORT1
15900
15920
Close
15926.10
High
15965.70
Low
15740
RESISTANCE1
RESISTANCE2
15965
15992
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SUNPHARMA
SUNPHARMA LAUNCHES IMATINIB MESYLATE IN US.
DATE
Index
SUN PHARMA
23-3-2016
CMP
Open
835.95
820.55
SUPPORT 2 SUPPORT1
822
830
Close
836.45
High
Low
838.05
816.80
RESISTANCE1
RESISTANCE2
839
848
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BHEL
BHEL HAS COMMISSIONED ANOTHER 270 MW. UNIT AT
GOINDWAL SAHIB COAL FIRED POWER PROJECT IN
PUNJAB.
Date
Stock
CMP
Open
Close
High
Low
23-3-2016
BHEL
111.95
113.40
111.95
113.80
111
SUPPORT 2 SUPPORT1
102
109
RESISTANCE1
RESISTANCE2
115
122
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INDIABULLS
INDIABULLS HOUSING FINANCE IS TRYING TO INCREASE ITS
MARKET SHARE IN HOME LOAN BOOK FROM THE CURRENT
50 PERCENT TO 60 PERCENT.
Date
Stock
CMP
Open
Close
High
Low
23-3-2016
INDIABULLS
648.25
620
645.60
651
618.25
SUPPORT 2
638
SUPPORT 1
645
RESISTANCE 1
RESISTANCE 2
652
658
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DISCLAIMER
The information contained here was gathered from sources deemed reliable
however; no claim is made as to accuracy or content. This does not contain specific
recommendations to buy or sell at particular prices or time, nor should any examples
presented be deemed as such. There is a risk of loss in equity trading and you should
carefully consider your financial position before making a trade. This is not, nor is it
intended, to be a complete study of chart patterns or technical analysis and should
not be deemed as such. SAI PROFICIENT INVESTMENT ADVISORS does not
guarantee that such information is accurate or complete and it should not be relied
upon as such. Any opinions expressed reflect judgments at this date and are subject
to change without notice. For use at the sole discretion of the investor without any
liability on Sai Proficient Investment Advisors.