MARKET Diary

21-Mar-17

Nifty Intraday Chart Market

KEY LEVELS Market Value % Change
Support 1 : 9060 Morning Traded Market
Support 2 : 8960
SGX NIFTY 9,194.00 0.33%
Resistance 1: 9174 NIKKIE 19382 -0.72%
Resistance 2: 9218
HANG SENG 24,565.73 0.26%
Yesterday Closing Market
Sensex 29,518.00 -0.44%
Nifty 9,126.00 -0.36%
Market Outlook DOW 20,905.84 -0.04%
After opening on a subdued note, Nifty traded NASDAQ 5,901.00 0.01%
in the negative territory throughout the day on
CAC 5,012.16 -0.34%
Monday. At the end of the day the index
Event Today closed at 9126.85. It had a net loss of 0.36% DAX 12,052.90 -0.35%
over the previous days close. The midcap and FTSE 7,429.81 0.07%
Board Meetings small cap indices outshined the benchmark EW ALL SHARE 16,535.99 -0.11%
EDL : General index and closed the day after gaining 0.4%
% Change in 1 day
each.
On the sectoral front, some selling pressure
Commodity Price ( Yesterday Closing )
Interim Dividend was witnessed in Information Technology and Commodity/Currencies Value % Change
CRISIL : Rs 9/- Private Banking stocks while Media and GOLD 28505.00 -0.01%
SHILPAMED : Rs 0.60/- Pharmaceuticals stocks have shown some SILVER 40869.00 -0.10%
( Exdate : 21.3.2017) strength. The breadth of the market was CRUDEOIL 51.85 0.45%
slightly negative with more declines than NATURALGAS
197.50 0.39%
advances.
IPO Listing The government approved yesterday four DOLLAR/RS. 65.43 -0.21%
Avenue Supermarts legislations to implement the Goods and EURO/RS. 70.40 -0.14%
Services Tax (GST), ahead of their introduction POUND/RS. 81.25 0.19%
in parliament this week to enable roll out of % Change in 1 day
the tax reform from July 1.We believe the Institutional Turnover
introduction of GST will boost countrys rate of FII
economic growth by at least 0.5%, broaden Investor Buy(Cr.) Sale(Cr.) Net(Cr.)
the revenue base and cut compliance cost for 20-Mar-17 4932 4875 57
the firms.
As we discussed yesterday, Nifty is showing Mar-17 76435 77484 (1049)
sign of exhaustion in its upward momentum. 2017 76435 77484 (1049)
Yesterday fall in the market is somewhat
similar to Evening Star reversal pattern and
DII
along with higher open interest at 9200 CE
Investor Buy(Cr.) Sale(Cr.) Net(Cr.)
suggests caution for bulls going forward. How
Nifty behaves once it gets close to 9000 levels 20-Mar-17 2173 2709 (536)
in terms of volume and change in open Mar-17 49775 45264 4511
interest will decide whether there is sideways 2017 49775 45264 4511
correction going forward or anything
significant.
Quote of the Day : Sustained success is largely a matter of focusing regularly on the right things and
making a lot of uncelebrated little improvements every day.
Theodore Levitt, Harvard Business School

Narnolia Securities Ltd

IEA Snapshot

EXIDEIND Part Book Profit 21th Mar 2017

We expect that managements strategy of cost control and technology up-gradation may improve the margin up to 100bps by 2017-18.
Technological innovation, segment branding and increased distribution reach along with GST implementation will help the company to gain
market share going forward. We recommended this stock at Rs.175 for a target price of Rs.220 and the stock has achieved our
recommended target. So we advise our investors to Book Part Profit at current levels and considering the future growth potential of the
stock we revise our target and recommend fresh BUY for a target price of Rs.240 and we value insurance business at Rs.19 per share.

IRB "BUY" 20th Mar 2017

IRB had filed draft red herring prospectus (DRHP) with SEBI and was waiting for SEBIs approval. Now, SEBI has given the nod and IRB is
ready to launch InvIT IPO of 4300 Cr in month of April. InvIT is near to become reality in Indian capital market as the SEBI gives a nod to IRB
to launch its Infrastructure Trust. IRB will launch it in April 2017. IRB is planning to raise Rs. 4300 Cr through InvIT IPO. The proceeds will be
used for the debt repayment and as a growth capital for the on-going and upcoming projects. Encouraging traffic growth and strong
recovery in economic activity nullified the demonetization impact in Q3FY17. Based on the strong order book, we expect EPC revenue to
grow @ 12% in FYT17E and 30% in FY18E. According to us, the launch of InvIT , robust EPC revenue growth and strong toll collection will be
a growth driver for the company going forward and hence, we maintain BUY on the stock with revised target price of Rs.285 from 265

*For details, refer to our daily report- India Equity Analytics

Top News
Aurobindo Pharma has received final approval from the US
health regulator to manufacture the generic version of Reckitt
Benckiser's Mucinex DM cough relief tablets. The company has
received final approval from the US Food and Drug
Administration (USFDA) to manufacture Guaifenesin and
Dextromethorphan Hydrobromide extended-release tablets,
600/30 mg and 1200/60mg
Infosys has decided not to apply for H-1B visas for junior
employees . Company have long been dependent on the work
visa, but a rising tide of protectionism means they are beginning
to adjust their business models to reduce their reliance on the
visa.
L&T Realty Limited for sale of it's stake in L&T South City
Projects Private Limited Further to the Share Purchase
Agreement executed on 14th March 2017, L&T Realty Limited
has transferred 2,88,02,880 equity shares in L&T South City
Projects Private Limited to Pragnya South Opportunity Fund &
Pragnya Fund II upon receipt of consideration of Rs. 188.60
crore
Cairn India Ltd reply to clarification "Income tax appellate
tribunal confirms Rs10000cr. Capital gains tax on cairn". Cairn
India Ltd replied stating "The said matter pertains to Cairn UK
Holdings Limited (CUHL). Company would like to clarify that
CUHL, erstwhile promoter, is incorporated in UK and is presently
not part of Cairn India Limited.
Havells India Limited, has commenced the commercial
production in its plant situated at Vill.- Dorakahra, Bhahkajan,
Mouza- Modartola, Dist- Kamrup(Rural) Assam
IndusInd Bank has raised Rs 1,000 crore by issuing bonds compliant
with Basel III standards. The board of directors have passed the
resolution for issuance of Basel III compliant bonds towards non-equity
additional tier I capital for cash aggregating to Rs 1,000 crore on private
placement.
Oil India to buy back shares worth Rs 1,527 crore . The board of
directors of the company approved the proposal to buyback of not
exceeding 4.49 crore equity shares of the company (representing 5.60
percent of the total shareholding) at a price of Rs 340 per equity share
HCL Technologies approved a buyback of up to 3.5 crore shares at Rs
1,000 per share. This works out to Rs 3,500 crore. As of December 2016,
HCL Technologies had cash of USD 1,885 million on its books. The
company has an equity base of 1.41 billion shares and has paid out
dividends for the last 56 consecutive quarters.
India Ratings and Research Private Limited has assigned IND
AA/Stable' rating to the Union bank's proposed fresh issue of Basel III
compliant Additional Tier 1 bonds of Rs.1500 crore.
IL&FS Engineering and Construction Company Limited (IL&FS
Engineering Services) has received Letter of Intents (LOIs) for Rural
Electrification (RE) Works of Jharkhand Bijli Vitran Nigam Limited
(JBVNL), Ranchi worth Rs. 222.7 Crores in package of Sahibganj
comprising Sahibganj and Pakur districts in Jharkhand state under Deen
Dayal Upadhyay Gram Jyoti Yojana (DDUGJY). The completion schedule
of the works is 24 months
The government has approved merger of the Bharatiya Mahila Bank
(BMB) with the country's largest lender State Bank of India (SBI) to
ensure greater banking outreach to women.

Narnolia Securities Ltd

 F&O OPEN INTEREST ( Number of Contracts )
Individual Foreign Institutions

MARKET MOVERS (1 MONTH CHANGE)

Nifty Movers NSE Sectoral Indices Performance

TRADING IDEAS

Scrip Reco Initiation Price Target 1 Target 2 Stop Loss Rational

After consolidating in a narrow range of Rs
620- Rs 650, the stock has given a channel
RAMCOCEM Buy 655.35 687 714 621
breakout yesterday. Some fresh buying is
expected in the extreme short term.

Nifty has given a sharp rally of almost 3% since

Long
last week. The leading indicators reached near
Nifty March 9000 (1 Lot
18.4 38 60 overbought zone and the index has made a
PE =75) gap near 8975. So there is a probability that it
may come down to fill the gap.

Narnolia Securities Ltd

 Economic Calendar
Monday Tuesday Wednesday Thursday Friday
Country
14th Mar 17 15th Mar 17 16th Mar 17 17th Mar 17 18th Mar 17

Core Durable Goods

Current Account, Flash Unemployment Claims, New Orders m/m, Durable
Existing Home Sales, Crude Oil
US Manufacturing PMI, Flash
Inventories.
Home Sales, Natural Gas Goods Orders m/m,
Services PMI. Storage Pending Home Sales
m/m.

French Flash Manufacturing

PMI, French Flash Services
German Ifo Business
PMI, German Flash
Climate, ECB Economic
CBI Industrial Order Manufacturing PMI , German
Current Account, German 30-y Bulletin, Retail Sales m/m, BBA Mortgage
UK/EURO ZONE Expectations, German PPI Flash Services PMI, German
Bond Auction, HPI m/m. Italian Retail Sales m/m, CBI Approvals
m/m. Ifo Business Climate , Flash
Realized Sales, Long Term
Manufacturing PMI, Flash
Refinancing Operation.
Services PMI, CBI Industrial
Order Expectations.

INDIA

Narnolia Securities Ltd

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Road | Kolkata-700 020 , Ph : 033-40501500
em ail: narnolia@narnolia.com ,
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