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23 March 2017
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 23th March 2017

NIFTY

NIFTY SPOT : R1:9062 R2:9094 R3:9116

PIVOT :9040 S1:9008 S2:8987 S3:8955

NIFTY DAILY CHART

CHART INTERPRETATION

The immediate support for the index upwards to 8970 region as it is the confluence of following: The upper
band of previous two weeks consolidation is at 8970,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 short-term 14 period RSI is also negative poised.

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 9010 to move upwards. Buy Nifty near 9000 for targets of 9050, stop loss: 8950

Nifty Bank Future: The index continued to fall on wenesday as well. It broke important support of 20875 which
is also supported buy trendline.. With 11 out of 12 Bank Nifty components ending negative, profit booking
may continue at higher levels. Hence, in the short-term one can look at going short at higher levels. Sell Nifty
Bank in the range of 20850-20900, targets: 20450-20150, stop loss: 20900

WWW.EQUITYRESEARCHLAB.COM
 23th March 2017

SECTORAL INDICES

Key Indices Levels to watch out for the day

INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 29450 29300 29167.68 29050 28850
NIFTY 9130 9080 9030.45 8980 8910
NIFTYBANK 21100 20950 20781.35 20540 20380
NIFTYIT 11050 10900 10783.30 10650 10500

CORPORATE NEWS

Wockhardt Ltd traded higher as the company announced that it has received USFDAs nod for piperacillin
and tazobactam.

Puravankara jumped over 3% after the company informed that its board has passed an enabling resolution
to exit Rs 403 cr investment in Raidurg, Panamaktha Village. The exit would involve the sale of its entire
shareholding in the companys three wholly owned subsidiaries.

State-run Housing and Urban Development Corp. Ltd (Hudco) has received SEBI approval to raise funds
through an initial share sale as part of the governments disinvestment drive. The initial public offer will
comprise sale of 20 cr equity shares (10% stake) by the central government through an offer for sale (OFS)
route, as per the DRHP.

WWW.EQUITYRESEARCHLAB.COM
 23th 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

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