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NIFTY OUTLOOK
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REPORT
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22 September 2016
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Prepared by: Meenakshi Pal
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22nd September 2016

NIFTY FUTURE

NIFTY FUTURE :
PIVOT :8816

R1:8847
S1:8775

R2:8887
S2:8744

R3:8919
S3:8704

NIFTY DAILY CHART
CHART INTERPRETATION
The only strategy for the traders should be to hold long positions or initiate fresh long positions at every
dip in the market. And Expectations of a good monsoon have once again reinforced the confidence
among market participants that the growth may come back on a good note, timely onset of the monsoons
will be a positive for the markets. A strong break below 8800 will increase the downside pressure and
drag it to 8500/8400. Traders can go short on a break below 8800.On the other hand, a decisive break
above 8970 will ease the downside pressure and take the index futures higher to 9050 and 9150
thereafter.
Mechanical indicator stochastic RSI also showing consolidated trend.
INDEX OUTLOOK
NIFTY FUTURE: The market has ended flat ahead of Fed meeting. The Sensex is down 15.78 points
at 28507.42 and the Nifty is up 1.25 points at 8777.15. European stocks rallied after the Bank of Japan
announced new monetary policy measures and as investors awaited the outcome of the US Federal
Reserve's meeting. ICICI Prudential Life Insurance's IPO, the first by an insurer in India, has been
oversubscribed 4.34 times till afternoon trade on the last day of the offer today. The BSE Mid-cap
Index is trading up 0.23% at 13,150 whereas BSE Small-cap Index is trading up 0.50% at 12,861.

STRATEGY: Buy Nifty Future above 8810 for the target of 8860 -8910 with the stop loss of 8770.
WWW.EQUITYRESEARCHLAB.COM

22nd September 2016

SECTORAL INDICES

INDEX (Spot)

Key Indices – Levels to watch out for the day
RESISTANCE RESISTANCE
LTP
SUPPORT 1
2
1

SUPPORT 2

SENSEX

28387

28270

28085

27967

27783

NIFTY

8753

8715

8664

8627

8538

NIFTYBANK

19209

19096

18912

18800

18615

NIFTYIT

11358

11266

11209

11117

11060

CORPORATE NEWS
Supreme Court in its latest ruling has lifted the ban on diesel vehicles with engines larger than 2,000 cc
in the Delhi NCR region. The concession has been made against the clause of paying a 1% cess, which
will be paid to the Delhi Pollution Control Board. The government authority will then utilise this
money to find ways to lower pollution in Delhi. The payment will have to be made by the carmaker
before the vehicle can be registered and hence the payment will be made on the ex-showroom prices.
In case of non-payment, the vehicle will not be registered by the concerned transport authority. This
news comes as a great relief for companies such as Mercedes-Benz, Tata Motors, Ford, Chevrolet and
Toyota.
Sun Pharmaceutical Industries Ltd has announced the following consolidated results for the
quarter ended June 30, 2016.The company has posted a net profit after taxes, minority interest and
share of profit of associates and joint ventures of Rs.2033.71 crore for the quarter ended June 30,
2016 as compared to Rs.555.90 crore for the quarter ended June 30, 2015. Total Income has
increased from Rs.6925.60 crore for the quarter ended June 30, 2015 to Rs.8400.09 crore for the
quarter ended June 30, 2016.
State Bank of India has announced the following results for the quarter ended June 30, 2016
The
Unaudited
Standalone
results
for
the
Quarter
ended
June
30,
2016
The Bank has posted a net profit of Rs. 25209.60 million for the quarter ended June 30, 2016 as
compared to Rs. 36924.30 million for the quarter ended June 30, 2015. Total Income has increased
from Rs. 447308.70 million for the quarter ended June 30, 2015 to Rs. 489286.00 million for the
quarter ended June 30, 2016.

WWW.EQUITYRESEARCHLAB.COM

22nd September 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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