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NIFTY OUTLOOK
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REPORT
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06 October 2016
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Prepared by: Meenakshi Pal
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06th October 2016

NIFTY FUTURE

NIFTY FUTURE :
PIVOT :8787

R1:8825
S1:8737

R2:8875
S2:8699

R3:8913
S3:8649

NIFTY DAILY CHART
CHART INTERPRETATION
MACD and Price ROC are both positive and continue in Buy mode. RSI (55) suggests bearish
momentum. This week, both the indices remained comfortably above the short term average of 20dma
Nifty – 8740, medium term average of 50dma Nifty – 8654 and even the long term average of 200dma
Nifty – 8250. Thus the trend in the short term, medium term and even the long term timeframe continues
to remain Bullish. Key indices rose on bargain hunting after suffering steep losses yesterday, 29
September 2016 triggered by flare up in India-Pakistan tension after Indian Army in a press conference
yesterday, 29 September 2016 revealed that it conducted surgical strikes against terror launch pads
inside Pakistan occupied Kashmir. However, gains were capped by weakness in global stocks.
INDEX OUTLOOK
NIFTY FUTURE: Indian shares erased its gains initial gains and were trading marginally lower due to

weak Asian cues. The Nifty reclaimed its crucial level of 8,800 supported by gains in realty, power,
metal, consumer durable, capital goods, auto, and banks. The BSE Mid-cap Index is trading up 0.50%
at 13,317 whereas BSE Small-cap Index is trading up 0.61% at 13,289.
The Nikkei India Services Business Activity Index registered 52 in September, down from August’s 43
month high of 54.7, the latest reading pointed to a slower rate of expansion that was moderate
overall. ICICI Bank is trading marginally lower at Rs.257.15 on the BSE. ICICI Bank took the lead
with a 0.05% reduction in its marginal cost of funds-based lending rate to 9.05%. Bharat
Forge dropped 1.8% to Rs.906.55 on the BSE after the media report stated its class 8 truck orders in
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U.S. fell by 27% to 13,800 units in September 2016.
STRATEGY: Buy Nifty Future above 8800 for the target of 8850 -8900 with the stop loss of 8720.

06th October 2016

SECTORAL INDICES

Key Indices – Levels to watch out for the day
INDEX (Spot)

RESISTANCE 2

RESISTANCE 1

LTP

SUPPORT 1

SUPPORT 2

SENSEX

28600

28420

28220.98

28075

27900

NIFTY

8860

8800

8743.95

8700

8650

NIFTYBANK

19850

19700

19536.85

19350

19200

NIFTYIT

10535

10425

10333.35

10250

10150

CORPORATE NEWS

Force Motors Ltd reported domestic sales of 2,945 vehicles (1945 – LCV + SCV; 1534 – UV + SUV
+ Tractors) in September 2016, as against 2,514 units in September 2015, registering a healthy 17%
growth. In terms of exports, the company sold 415 vehicles last month, more than double of September
2015’s figures, i.e. 206.

NBCC received various orders worth Rs. 1,117 Cr, which included a Rs. 470 Cr order for the
construction of a hospital from the labor ministry and a Rs. 270 Cr order for the construction of a
complex for the UGC. The stock ended higher by 1.4%

Alembic Pharmaceuticals received an Establishment Inspection Report (EIR) from the US Food &
Drug Administration (US FDA) for its formulation facility located in Panelav, Gujarat. The stock
closed up 3%.

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06th October 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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