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NIFTY OUTLOOK
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REPORT
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6 September 2016
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Prepared by: Meenakshi Pal
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6th September 2016

NIFTY FUTURE

NIFTY FUTURE :
PIVOT :8826

R1:8860
S1:8806

R2:8880
S2:8773

R3:8913
S3:8753

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 8600 will increase the downside
pressure and drag it to 8400/8300. Traders can go short on a break below 8600.On the other hand, a
decisive break above 8820 will ease the downside pressure and take the index futures higher to 8900
and8950thereafter.
Mechanical indicator stochastic RSI also showing consolidated trend.
INDEX OUTLOOK
NIFTY FUTURE: The Nifty closed with a gain of 35 points at 8,810. The Indian equity market closed
the week on a positive note as indices erased initial losses on Friday and closed higher. The upswing was
aided by gains in auto, telecom, realty, utilities, finance, power, banking and pharma stocks. Sentiment got a
boost tracking firmness in European stocks markets. On the political front, the sentiments were optimistic
on reports that Odisha become the 16th state to ratify the constitutional amendment bill passed by Parliament
to introduce the goods and services tax, helping cross the important threshold of more than half the number of
states needed for the proposed law to be sent for presidential assent. Finance Minister Arun Jaitley said
India is protected from all the political and economic challenges that the world is facing and it provides
immense opportunity for the country to grow further. The India VIX (Volatility) index was down 2.99% .
WWW.EQUITYRESEARCHLAB.CO.IN

STRATEGY: Buy Nifty Future above 8850 for the target of 8900 -8950 with the stop loss of 8770.

6th 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

28800

28650

28532.11

28150

28000

NIFTY

8900

8850

8809.65

8740

8700

NIFTYBANK

20150

20000

19883.20

19750

19600

NIFTYIT

10700

10625

10528.35

10450

10400

CORPORATE NEWS

Tata Motors Passenger and Commercial Vehicle sales in August stood at 43,061 vehicles, a growth
of 6 percent, over 40,679 vehicles sales in August 2015. Domestic sales grew by 3% whereas exports
were up by 27%. JLR's US sales grew by 46% to 9,329 vehicles, driven largely by recently launched
F-PACE and XE.
Cadila Healthcares oral solid dosage drug facility, located at SEZ, Ahmedabad, received an
establishment inspection report (EIR) from the USFDA. This is the third EIR for the companys
establishment in the current quarter. Shares went up by 2.3%.

Bajaj Auto reported a 5% fall in total sales at 3,25,347 units in August 2016, as against 3,41,965 unit
sales in August 2015. Motorcycle sales decreased by 4% to 2,79,977 units from 2,90,436 units sold
previously. Commercial Vehicle reported a 12% decline. Also, exports went down by 31%.

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6th 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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