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NIFTY OUTLOOK
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REPORT
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10 January 2017
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Prepared by: Meenakshi Pal
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10th January 2017

NIFTY FUTURE

NIFTY FUTURE :
PIVOT :8254

R1:8267
S1:8236

R2:8285
S2:8223

R3:8299
S3:8205

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 8250 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 8250 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 8250-82268180-8150 whereas strong resistance would be seen at 8330-8365-8405-8445 levels.
MACD
and Price
ROC are both negative and continue in sell mode. RSI (40) suggests bearish momentum.
INDEX
OUTLOOK
NIFTY FUTURE: Benchmark indices closed range bound session moderately lower on Monday as

investors awaited December quarter earnings and macro data later in the week. The 30-share BSE
Sensex was down 32.68 points at 26726.55 and the 50-share NSE Nifty fell 7.75 points to 8236.05
while the broader markets outperformed with the BSE Midcap and Smallcap indices rising 0.2-0.5
percent. Now all eyes are on third quarter earnings season (that will kick start by Infosys and TCS) and
macro data (December CPI inflation and November factory data) that will be announced later in the
week. Overall analysts will closely watch the impact of demonetisation on Q3 earnings while for IT
companies, Q3 is generally a tepid quarter but their outlook will be key. As of now, 8300 is acting as
hurdle in Nifty and needs some decisive trigger for further up move. Nifty remains intact where we
hold 8240-8250 as the immediate resistance followed by the 8300 mark. While on the downside
8230-8200 will act as immediate support followed by 8100.
STRATEGY: Buy Nifty Future above 8300 for the target of 8350 -8400 with the stop loss of 8230.
WWW.EQUITYRESEARCHLAB.COM

10th 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
27000
26840
26726.55
26600
8320
8270
8236.05
8200
18580
18400
18286.65
18150
10515
10375
10198.45
10050

SUPPORT 2
26430
8160
18000
9900

CORPORATE NEWS

Pokarnas subsidiary Porkarna Engineered Stone Ltd (PESL) partnered with IKEA India to serve its exclusive
quartz surfaces supply and installation partner. Shares of Pokarna closed up 19.3%.

Hindustan Construction Company (HCC) was awarded a Rs. 368.6 Cr worth contract by Ircon International for
the construction of cable stayed bridges in Jammu and Kashmir. The project is to be completed in 36 months.

Granules India received 11 observations from Infarmed, the Portuguese drug regulator, for its facility located
at Gagillapur, Telangana. Share price tanked down 9.8%.

WWW.EQUITYRESEARCHLAB.COM

10th 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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