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NIFTY OUTLOOK
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REPORT
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16 March 2017
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 16th March 2017

NIFTY FUTURE

NIFTY FUTURE : R1:9123 R2:9140 R3:9151

PIVOT :9112 S1:9094 S2:9083 S3:9065

NIFTY DAILY CHART

CHART INTERPRETATION

We have now revised the immediate support threshold for the index upwards to 8860 region as it is the
confluence of following: The base of previous two weeks sideways consolidation is placed at 8860.Lower
boundary of the short term rising channel in place since February 2017 is also placed around 8900 region.
Among oscillators, the 14 period RSI is at the cusp of breaking out above the upper band of its narrow
consolidation band of 55 to 75 readings. A resolute move above 75 will infuse further upward momentum going
forward

INDEX OUTLOOK
NIFTY FUTURE The Nifty is likely to open flat on the back of mixed global cues. Sell Nifty in the range of 9140-
9150 for targets of 9090-9070, stop loss: 9170

Nifty Bank Future: Highest intraday additions in terms of open interest were seen in the index for the March
series. It managed to end at all-time high levels. A sharp appreciation of the rupee against the US$ is likely to
provide more steam to banking stocks. We feel the midcap banking space is likely to outperform
heavyweights.

STRATEGY: Buy Nifty Bank in the range of 21000-21040, targets: 21150-21250, stop loss: 20930

WWW.EQUITYRESEARCHLAB.COM
 16th March 2017

SECTORAL INDICES

Key Indices Levels to watch out for the day

INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 29800 29550 29398.11 29275 29100
NIFTY 9200 9125 9084.80 9050 8990
NIFTYBANK 21500 21300 21157.90 21000 20800
NIFTYIT 10950 10820 10696.55 10550 10415

CORPORATE NEWS

Talwalkars Better Value Fitness announced that it signed a memorandum of understanding (MoU) to acquire
around 50% stake in Force Fitness India, the holder of master franchisee of Snap Fitness gyms.

Glenmark Pharmaceuticals received the establishment inspection report (EIR) from the US Food and Drug
Administration (USFDA) on successful closure of inspection of its Ankleshwar plant in Gujarat.

Government of Maharashtra allotted the balance works of construction of the irrigation scheme in Vidarbha
under the Gosikhurd National Project to NBCC (India), for a total value of Rs. 6,000 Cr.

WWW.EQUITYRESEARCHLAB.COM
 16th March 2017

ERL RESEARCH TEAM

Member Name Designation E-mail ID

Mr. Tuhinanshu Jain Research Head Tuhinanshu.jain@equityresearchlab.co.in
Mr. Yogesh Subnani Sr. Research Analyst Yogesh.subnani@equityresearchlab.co.in

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