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NIFTY OUTLOOK
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REPORT
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31 March 2017
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 31stMarch 2017

NIFTY

NIFTY SPOT : R1:9192 R2:9211 R3:9239

PIVOT : 9164 S1:9145 S2:9117 S3:9098

NIFTY DAILY CHART

CHART INTERPRETATION

The major support for the nifty index is placed at 8980 & 8970 region as it is supported by following studies: The
high of previous two weeks consolidation is at 8980,Rising 20-day EMA, which has acted as intermediate
support in the entire up move since December 2016 lows, is placed at 8941. As per the change of polarity, yearly
high of 2016 is at 8968 is likely to reverse its role and act as support, going forward. Among oscillators, the 14
period RSI is rebounding after taking support at its bull market support zone of 50-55 readings and supports
continuance of pullback efforts in the coming sessions.

INDEX OUTLOOK

Nifty Future: The Nifty is likely to open flat on the back of mixed global cues. Its important to sustain above
9175 to move upwards. Sell Nifty near 9175 for targets of 9130-9100, stop loss: 9210

Nifty Bank Future: As the rollover cost was low, the April series witnessed long rollover with decent activity in
options. As the index has managed to end above 21500, the ongoing trend is likely to continue. Buy Nifty Bank
in the range of 21400-21440, targets: 21550-21650, stop loss: 21340

WWW.EQUITYRESEARCHLAB.COM
 31stMarch 2017

SECTORAL INDICES

Key Indices Levels to watch out for the day

INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 29930 29825 29647.42 29500 29335
NIFTY 9250 9220 9173.75 9130 9080
NIFTYBANK 21900 21775 21620.70 21500 21330
NIFTYIT 10960 10850 10730.75 10650 10540

CORPORATE NEWS

Share price of Thermax ended higher by 6.6% as the company, through its step-down subsidiary in Denmark,
has agreed to acquire 100% stake of Barite Investments. As per the agreement with Weiss Sp in Poland,
Thermax will acquire production activities related to boiler manufacturing & certain other assets.

Dilip Buildcon closed up 3.4% after the company received a letter of award from the National Highways
Authority of India for three projects in the state of Maharashtra. The three projects are valued at Rs. 3,269cr.

Alkem Laboratories closed up 1.5% after the company received an establishment inspection report from the
US health regulator on closure of its inspection at the companys API facility at Ankaleshwar in Gujarat.

WWW.EQUITYRESEARCHLAB.COM
 31stMarch 2017

ERL RESEARCH TEAM

Member Name Designation E-mail ID

Mr. Tuhinanshu Jain Research Head Tuhinanshu.jain@equityresearchlab.co.in
Mr. Yogesh Subnani Sr. Research Analyst Yogesh.subnani@equityresearchlab.co.in

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