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NIFTY OUTLOOK
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REPORT
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28 March 2017
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 28th March 2017

NIFTY

NIFTY SPOT : R1:9085 R2:9125 R3:9155

PIVOT : 9054 S1:9014 S2:8984 S3:8944

NIFTY DAILY CHART

CHART INTERPRETATION

The major support for the nifty index is placed at 8980&8970 region as it is supported by following studies: The
high of previous two weeks consolidation is at 8980,Rising 20-day EMA, which has acted as intermediate
support in the entire up move since December 2016 lows, is placed at 8941. As per the change of polarity, yearly
high of 2016 is at 8968 is likely to reverse its role and act as support, going forward. Among oscillators, the short-
term stochastic is rebounding after approaching close to the oversold threshold and supports continuance of
pullback efforts in the coming sessions.

INDEX OUTLOOK

Nifty Future: The Nifty is likely to open flat to positive on the back of mixed global cues. Its important to
sustain above 9010 to move upwards. Buy Nifty near 9020 for targets of 9070-9090, stop loss: 8980

Nifty Bank Future: Bank Nifty opened flat and traded negative for whole day. Bank nifty needs to sustain
above 20900 for further up move. Major support for market is placed near 20750, below which lower levels of
20500 can be seen. Buy Nifty Bank above 21100, targets: 21300, stop loss: 20880

WWW.EQUITYRESEARCHLAB.COM
 28th 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 29560 29400 29233.44 29075 28975
NIFTY 9135 9095 9045.20 9000 8970
NIFTYBANK 21350 21200 21056.90 20890 20750
NIFTYIT 10850 10750 10648.50 10540 10435

CORPORATE NEWS

The aviation stocks surged on news that after Delhi and Goa, another twenty states are likely to cut aviation
turbine fuel (ATF) tax to 1%. The states have signed a memorandum with the Aviation Ministry for the same.
Spicejet was a top gainer, up 7.2%, while Jet Airways & InterGlobe Aviation ended higher by 2.1% & 2.7%
respectively.

In a setback to Aurobindo Pharma, the European drug regulator has recommended suspension of its 100
drugs, or their marketing applications, on which bioequivalence studies have been found to be unreliable. The
stock ended lower by 2.2%.

GVK Power & Infra ended higher by 3.3% after the company informed the stock exchanges that it has divested
33% stake in Bangalore International Airport Limited (BIAL) to FIH Mauritius Investments and Fairfax India
Holdings Corporation for Rs 22bn to bring down its debt level.

WWW.EQUITYRESEARCHLAB.COM
 28th 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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