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NIFTY OUTLOOK
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REPORT
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10 March 2017
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 10th March 2017

NIFTY FUTURE

NIFTY FUTURE : R1:8948 R2:8970 R3:9010

PIVOT :8924 S1:8902 S2:8870 S3:884

NIFTY DAILY CHART

CHART INTERPRETATION

Among oscillators, the 14 period RSI is inching downwards after exhibiting a minor negative divergence as it
failed to make a higher high along with price suggesting waning momentum and points towards an extended
round of consolidation going forward. Nifty find support at 8880 and have closed at 85922. The indices continue
to remain above the medium term average of 50SMA Nifty 8725. Thus the trend in the short term, medium
term and even the long term timeframe continues to remain upwards. A significant close above 8970 may open
the gates for new highes.

INDEX OUTLOOK
NIFTY FUTURE The Nifty is likely to open flat to positive on the back of mixed global cues. Buy Nifty in range of
8935-8945 for targets of 8995-9015, stop loss: 8915.Nifty Bank Future: The index witnessed a volatile day in
the previous trade where ATM strike Call of 20700 saw a sharp bounce from 21 to 90 levels. However, weekly
expiry action was seen towards the end, which finally led the index to end almost flat. Looking at the OI
pattern in stock futures, we feel the index is well placed to test 21000 on upside. Buy Nifty Bank in the range of
20650-20700, targets: 20800-20900, stop loss: 20570

STRATEGY: Buy Nifty Future above 8800 for the target of 8850 -8900 with the stop loss of 8720.

WWW.EQUITYRESEARCHLAB.COM
 10th March 2017

SECTORAL INDICES

Key Indices Levels to watch out for the day

RESISTANCE RESISTANCE
INDEX (Spot) LTP SUPPORT 1 SUPPORT 2
2 1
SENSEX 28500 28350 28226 28050 27885

NIFTY 8810 8770 8734 8680 8630

NIFTYBANK 20400 20250 20070 19900 19730

NIFTY IT 10175 10030 9926 9800 9680

CORPORATE NEWS

The shares of Dr. Reddys Laboratories Ltd hit a 31-month low after the companys oncology
formulation plant at Duvvada in Visakhapatnam received 13 observations relating to violation of norms
from the US Food and Drug Administration (FDA). The stock closed down by 5.1%.

A2Z Infra Engineering has been awarded three Contracts from Chhattisgarh State Power Distribution
Company (CSPDCL). The aggregate value of the said contracts is Rs 222.6crs for execution of works for
Supply of material and erection of lines & substations' under IPDS of Durg, Raipur and Bilaspur Region
in the State of Chhattisgarh. The stock closed up by 4.2%.

Tata Motors Ltd and Volkswagen AG (VW) signed an in-principle agreement to explore the possibility
of working together to develop a new range of products to be shared by Tata, VW and the German
automakers unit Skoda Auto AS. The stock closed up by 1%.

WWW.EQUITYRESEARCHLAB.COM
 10th March 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
Miss. Meenakshi Pal Sr. Research Analyst Meenakshi.pal@equityresearchlab.co.in

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