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NIFTY OUTLOOK
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21 April 2017
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 21st April 2017

NIFTY

NIFTY SPOT : R1:9156 R2:9169 R3:9195

PIVOT : 9131 S1:9118 S2:9092 S3:9080

NIFTY DAILY CHART

CHART INTERPRETATION
Nifty has given trendline breakout and showed downside movement from there. The major resistance placed
around 9220. Only a decisive close above 9220 will signal acceleration of the current up move, going forward.
Failure to do so, will lead to broader consolidation between 9000 and 9220 in the short term. The immediate
support is revised upwards to 9020 region as it is the confluence of following: The double bottom formed at
last two weeks identical lows is placed at 9019 Rising 50-day SMA, which has acted as intermediate support in
the entire up move since December 2016 lows, is at 9060 region The major bullish gap area formed post the
state election results is between 9060 and 8934. Among oscillators, the 14 period RSI is exhibiting a negative
divergence.
INDEX OUTLOOK

Nifty Future: The Nifty is likely to open flat to negative on the back of week global cues. Its important to
sustain above 9175 to move upwards. SELL Nifty near 9160-9170 for targets of 9120-9100, stop loss: 9220

Nifty Bank Future: Nifty Bank continued its negative bias in the last session as well and ended near 21491.
We remain negative on the Nifty Bank till it trades below 21700. Participation of private sector heavyweights is
likely to pull the index towards 21250-21000 in coming sessions. Sell Nifty Bank below 21400, targets: 21250-
21000, stop loss: 21610

WWW.EQUITYRESEARCHLAB.COM
 21st April 2017

SECTORAL INDICES

Key Indices Levels to watch out for the day

INDEX RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
(Spot)
SENSEX 29700 29550 29422.39 29270 28130
NIFTY 9220 9175 9136.40 9090 9050
NIFTYBANK 21750 21620 21491.40 21380 21250
NIFTYIT 10270 10150 10039.05 9950 9840

CORPORATE NEWS

Reliance Industries Ltd has commissioned worlds largest and most complex ethane project, including
commissioning of its ethane receipt & handling facilities and ethane cracking, at its Dahej facility in Gujarat in a
world record time of less than three years. Reliance is the first company to globally conceptualise large-scale
imports of ethane from North America as feedstock for its cracker portfolio in India.

The National Company Law Tribunal (NCLT) has approved India Cements' merger with its subsidiaries Trinetra
Cement and Trishul Concrete Products. This will help the company to re-align its focus on core business
segment and ultimately re-rate the stock valuations in the medium-term.

Crisil Ltd, in its first quarter results for CY17 reported a 12% YoY increase in top-line to Rs 402cr. Growth in top-
line was driven by the research segment. Net Profits were flattish at Rs 73cr, impacted by a forex loss of Rs
11.9 cr.

WWW.EQUITYRESEARCHLAB.COM
 21st April 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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