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NIFTY OUTLOOK
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REPORT
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26 October 2016
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Prepared by: Meenakshi Pal
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26th October 2016

NIFTY FUTURE

NIFTY FUTURE :
PIVOT :8692

R1:8723
S1:8669

R2:8746
S2:8637

R3:8778
S3:8614

NIFTY DAILY CHART

CHART INTERPRETATION
Technically, A strong break below 8550 will increase the downside pressure and drag it to 8400/8300. Traders can
go short on a break below 8550.On the other hand, a decisive break above 8680 will ease the downside pressure
and take the index futures higher to 8750 and 8800 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 8500. 8500
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 8200-8000-7700 in days to come. If Nifty holds 8500 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 Sensex closed 86.55 points down at 28092.53, while Nifty index settled 17.65
points down at 8691.30. Sentiments remained weak in the absence of any positive trigger. Market
participants failed to get any sense of relief with the statement of Economic Affairs Secretary
Shaktikanta Das that the revenue neutral rate structure will be decided the next month. On the sectoral
front, banking stocks closed higher after the Finance Minister Arun Jaitley stated that in a move to help
state-run banks clean up books, the government will encourage them to acquire assets of loan defaulters
in steel, power and shipping sectors, and rope in state-run companies to manage them.Federal Bank
reported 24.78 % rise in its net profit at Rs 201.24 crore for the quarter ended September 30, 2016 as
compared to Rs 161.28 crore for the same quarter in the previous year. Total income of the bank
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increased 11.67 % Shares of the bank were trading 7.87 % up at Rs 80.85.
STRATEGY: Buy Nifty Future above 8700 the target of 8750 -8800 with the stop loss of 8630.

26th October 2016

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

RESISTANCE 2

RESISTANCE 1

LTP

SUPPORT 1

SUPPORT 2

SENSEX

28500

28250

28091.42

27950

27790

NIFTY

8810

8740

8691.30

8650

8600

NIFTYBANK

20150

20000

19834.90

19650

19490

NIFTYIT

10450

10370

10261.40

10190

10100

CORPORATE NEWS

HDFC Bank reported a 19.6% increase in Net Interest Income (NII) to Rs. 7,993.6 Cr Cr in Q2FY17 against Rs.
6,680.9 Cr in Q2FY16. Net Profit increased 20.4% to Rs. 3455.3 Cr for the period against Rs. 2,869.5 Cr in the
corresponding quarter last fiscal. Gross NPA of the bank stood at 1.02% from 1.04% in the previous quarter,
and, Net NPA were at 0.3% against 0.32% previously.

IDBI Bank reported a flat Net Interest Income (NII) at Rs. 1,606 Cr in Q2FY17. Net Profits fell by 53.5% to Rs.
55.5 Cr for the period against Rs. 119.5 Cr in the corresponding quarter last fiscal. Gross NPA of the bank
surged to 13.05% from 11.92% in the previous quarter, and, Net NPA were at 8.32 % against 7.47% previously.

Asian Paints reported an 18% increase in consolidated Net Profit at Rs. 494.8 Cr against Rs. 418.9 in the
corresponding quarter last year. Total Income increased by 10.2% at Rs. 4,232.5 Cr against Rs. 3,839.7 Cr in
Q2FY16. Operating Profit stood at Rs. 713 Cr at an operating margin of 16.8%.

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26th October 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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