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NIFTY OUTLOOK
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REPORT
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26 September 2016
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Prepared by: Meenakshi Pal
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26th September 2016

NIFTY FUTURE

NIFTY FUTURE :
PIVOT :8854

R1:8878
S1:8819

R2:8913
S2:8795

R3:8937
S3:8760

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: Nifty declined on Friday on account of profit booking by investors, a day after they
rallied following US Federal Reserves decision to keep the rates unchanged. Weak opening in
European markets further dampened market sentiments in Fridays trade. Sentiments are stood under
pressure after rupee weakened against the dollar at the Interbank Foreign Exchange market on fresh
demand for the American currency from importers. The BSE Midcap and Smallcap indices closed in
green. The rupee was trading flat by one paise at 66.66 per US dollar.
STRATEGY: Sell Nifty Future below 8800 for the target of 8750 -8700 with the stop loss of 8870.
WWW.EQUITYRESEARCHLAB.COM

26th September 2016

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

RESISTANCE 2 RESISTANCE 1

LTP

SUPPORT 1

SUPPORT 2

SENSEX

29060

28900

28668.22

28500

28300

NIFTY

8960

8900

8831.55

8780

8715

NIFTYBANK

20280

20060

19901.80

19730

19590

NIFTYIT

10660

10520

10391.05

10300

10175

CORPORATE NEWS

Den Networks board approved the allotment of 1.58 Cr shares on a preferential basis to two affiliates
of Goldman Sachs at Rs. 90 apiece. Board Street Investments (Singapore) and MBD Bridge Street
2016 Investments (Singapore) will be offered the shares in a cash consideration. Shares of Den
Network closed at 80.8, up by 3.3%.

Brigade Group announced a Memorandum of Understanding (MoU) with an online, rental solution
provider Nestaway. Through the collaboration, the real estate group can offer comprehensive rental
assistance to its existing customers and over 10,000 apartments that are in different stages of
construction.

Gayatri Projects bagged a project worth Rs. 1,255 Cr in a Joint Venture with Russian construction
company PTPS. NHAI allotted the contract for rehabilitation and up gradation to 4-laning of AngulSambalpur section of the NH-42 in Odisha. Shares closed up 3.2%.

WWW.EQUITYRESEARCHLAB.COM

26th 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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