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5 March 2017
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 5th April 2017

NIFTY

NIFTY SPOT : R1:9258 R2:9278 R3:9310

PIVOT : 9225 S1:9205 S2:9172 S3:9152

NIFTY DAILY CHART

CHART INTERPRETATION

The major resistance placed around 9250. Only a decisive close above 9250 will signal acceleration of the current
up move, going forward. Failure to do so, will lead to broader consolidation between 9000 and 9250 in the short.
The immediate support is revised upwards to 9020 region as it is the confluence of following: The double
bottom formed at last two weeks identical lows is placed at 9019 Rising 20-day EMA, which has acted as
intermediate support in the entire up move since December 2016 lows, is at 9060 region The major bullish gap
area formed post the state election results is between 9060 and 8934. Among oscillators, the 14 period RSI is
exhibiting a negative divergence.

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 9250 to move upwards. Buy Nifty 9250 for targets of 9280-3110, stop loss: 9220

Nifty Bank Future: On the back of fresh long additions, the index managed to end well above the sizeable Call
base of 21500. As RBIs monetary policy is lined up tomorrow, we may see some trigger in volatility and a
broader move in the index. However, 21200 is likely to act as a strong support. Buy Nifty Bank in the range of
21350-21400, targets: 21500-21600, stop loss: 21290

WWW.EQUITYRESEARCHLAB.COM
 5th April 2017

SECTORAL INDICES

Key Indices Levels to watch out for the day

INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 30250 30065 29910.22 29750 29575
NIFTY 9335 9280 9237.85 9190 9130
NIFTYBANK 21900 21700 21547.75 21350 21170
NIFTYIT 10865 10750 10592.00 10500 10400

CORPORATE NEWS

Minda Corporation announced the inauguration of its new manufacturing plant located at Queretaro Industrial
Park, Mexico. The company is targeting annual sales of 450 mn Pesos (USD 24 mn) from the plant from 2018
onwards. Stock closed up 1.8%.

Indoco Remedies received a warning letter from the United States Food & Drug Administration (USFDA) for
two of its facilities in Goa, as the USFDA raised concerns to the drug maker's response for its earlier
observations. Indoco Remedies closed down 8.2%.

Stock prices of liquor companies closed down, after the Supreme Court ruled that its order on banning liquor
vends across national and state highways would also be applicable to hotels and restaurants. Shares of United
Spirits, Radico Khaitan, GM Breweries, Pincon Spirits closed down 1.6-6%.

WWW.EQUITYRESEARCHLAB.COM
 5th April 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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