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NIFTY OUTLOOK
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REPORT
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17 August 2016
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Prepared by: Meenakshi Pal
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17th August 2016

NIFTY FUTURE

NIFTY FUTURE :
PIVOT :8655

R1:8710
S1:8605

R2:8760
S2:8550

R3:8815
S3:8499

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 8500 will increase the downside
pressure and drag it to 8400/8300. Traders can go short on a break below 8500.On the other hand, a
decisive break above 8635 will ease the downside pressure and take the index futures higher to 8750
and8900thereafter.
Mechanical indicator stochastic RSI also showing consolidated trend.
INDEX OUTLOOK
NIFTY FUTURE: The Sensex and Nifty closed lower on Tuesday after WPI inflation hit 23-month
high. Inflation for the month of July soared to 3.55% versus 1.62% in June. Inflation based on CPI
accelerated to 6.07% in July 2016 from 5.77% in June 2016. The core CPI inflation moved up to 4.52%
in July 2016 from 4.39% in June 2016. The India VIX (Volatility) index was down 2.99% at 14.1825.
The rupee was trading up six paise at 66.82 per US dollar. On the global front, Japans Nikkei dropped
1.6%. Chinas Shanghai Composite and Hong Kongs Hang Seng ended in red. European shares were
trading in red. The FTSE 100 was trading down. DAX and the CAC 40 were trading lower around 0.2%
each.
WWW.EQUITYRESEARCHLAB.CO.IN

STRATEGY: Buy Nifty Future above 8680 for the target of 8730 -8800 with the stop loss of 8620.

17th August 2016

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

RESISTANCE 2 RESISTANCE 1

LTP

SUPPORT 1

SUPPORT 2

SENSEX

28420

28250

28064.61

27885

27700

NIFTY

8750

8700

8642.55

8590

8540

NIFTYBANK

19300

19160

19002.15

18760

18600

NIFTYIT

11240

11120

10993.55

10870

11735

CORPORATE NEWS

Power Grid Corporation of India reported a 32.8% rise in Net profit for Q1 to Rs.
1,801.1 Cr as against Rs. 1,355.6 Cr for the same period last year. The Total Income increased
by 30.5% to Rs. 6,119.8 Cr from Rs. 4,689.8 Cr previously.

Indias Whole Sale Price Index (WPI) accelerated to 3.55% in July as compared to
1.62% in June. The increase was led by food inflation which stood at 11.82%, as compared to
8.18% in the previous month. Vegetable inflation stood at 28% and Pulses inflation was at
35.76%.

Cadila Healthcare received an Establishment Inspection Report (EIR) for its


Changodar Manufacturing Facility from the US Food and Drug Administration after
successfully completing the inspection.

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17th August 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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