DAILY TECHNICAL OUTLOOK

22nd-July- 2016

NIFTY SPOT: 8510.10

Nifty Future

R1: 8323

R2:8486

R3: 8392

Pivot: 8417

S1: 8253

S2:8348

S3:8184

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CHART INTERPRETATION
If upcoming results support then this positive movement would continue till 8700 levels for Nifty .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 8500 will increase the downside pressure and drag it to 8400/8300. Traders can go short on a break
below 8500.On the other hand, a decisive break above 8635 will ease the downside pressure and take the index
futures higher to 8650 and 8700 thereafter.

Mechanical indicator stochastic RSI also showing consolidated trend.

INDEX OUTLOOK
NIFTY FUTURE: The Indian stock market snapped two day winning streak on Thursday as momentum
failed to sustain at higher levels. Index heavyweights like HDFC Bank, Kotak Bank announced their results
which failed to lift the sentiment. Market participants are keeping a close eye on actions taken by the
government on the GST front hoping that it will be passed in the ongoing monsoon session.
Todays decline was led by the power, banking, utilities, capital goods, finance, pharma, metal and auto
stocks. On the other hand, telecom, FMCG, basic materials and oil & gas stocks were among the major
gainers.
STRATIGY: Buy Nifty Future above 8550 for the tgt of 8600 -8650 with the sl of 8470.
SECTORIAL INDICES
Key Indices Levels to watch out for the day
INDEX (Spot)

RESISTANCE 2

RESISTANCE 1

LTP

SUPPORT 1

SUPPORT 2

SENSEX

28020

27900

27710.52

27540

27350

NIFTY

8600

8565

8510.10

8460

8400

NIFTYBANK

19030

18850

18674.30

18500

18340

NIFTYIT

11000

10880

10772.25

10680

10600

CORPORATE NEWS

HDFC Bank reported a 20.1% rise (YoY) in PAT for Q1 at Rs 3,239Cr as compared to Rs 2,696Cr in the corresponding
quarter last year. The Net Interest Income (NII) rose by 21.8% to Rs 7,781 Cr whereas Net interest margin improved
sequentially from 4.3% to 4.4%.

Kotak Mahindra Bank reported a nearly 300% increase in standalone PAT to Rs 742Cr from Rs 190Cr on a YoY basis. Net
interest Margin (NIM) stood at 4.37%, marginally above the 4.35% mark in the previous quarter. Gross NPA rose to 2.5%
and Net NPAs rose to 1.21% in the latest quarter.

Ashok Leylands net profits doubled to Rs 290.8 Cr for Q1FY17 on a YoY basis due to surge in other income and forex gain.
Revenue increased by 9.7% from Rs 3842Cr to Rs 4259Cr on YoY basis.

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