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NIFTY OUTLOOK
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REPORT
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17 April 2017
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 17th April 2017

NIFTY

NIFTY SPOT : R1:9187 R2:9223 R3:9245

PIVOT : 9166 S1:9129 S2:9108 S3:9071

NIFTY DAILY CHART

CHART INTERPRETATION

Nifty has taken support at trendline and showed upside movement from there. The major resistance placed
around 9270. Only a decisive close above 9270 will signal acceleration of the current up move, going forward.
Failure to do so, will lead to broader consolidation between 9000 and 9250 in the short. 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 20-day EMA, 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 negative on the back of week global cues. Its important to sustain
above 9150 to move upwards. SELL Nifty near 9180-9170for targets of 9140-9120, stop loss: 9220

Nifty Bank Future: Post the policy, the market participants dint take the policy on cheerful note and saw some
fresh additions of short positions. Huge profit booking was seen in Call options whereas the positions on the
Put side have shifted towards 21500 and 21200 strike. Current Put build-up is at 21500 suggesting index may
see extended profit booking if it is unable to move above 21500. Sell Nifty Bank in the range of 21500-21550,
targets: 21300-21200, stop loss: 21620

WWW.EQUITYRESEARCHLAB.COM
 17th April 2017

SECTORAL INDICES

Key Indices Levels to watch out for the day

INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2

SENSEX 29820 29635 29461.45 29285 29100

NIFTY 9250 9200 9150.80 9100 9050
NIFTYBANK 22000 21800 21686.60 21500 21390
NIFTYIT 10320 10190 10064.20 9950 9830

CORPORATE NEWS

Infosys reported consolidated Net profit at Rs. 3,603 cr, degrowth of 2.8% from Rs. 3,708 cr in the previous
quarter. Revenue declined 0.9% to Rs. 17,120 cr on QoQ basis. Infosys missed on dollar revenue guidance as it
expects its FY18 constant currency dollar revenue growth at 6.5-8.5%, which was lower than the street
expectations of 7-9%. The Companys current policy is to pay dividends of up to 50% of post-tax profits of the
financial year. Effective from FY2018, the company expects to payout up to 70% of the free cash flow of the
corresponding financial year.

Premier Explosives received the Management System Certificate from DNV GL Business Assurance, USA. This
certificate is valid for Development, Manufacture and Supply of High Energy Materials (Propellants,
Pyrotechnics, Special Devices and other Chemicals) for Aerospace and Defense Applications.

Bajaj Corps total income for Q4FY17 declined 2% to Rs. 204.5 cr compared to Rs. 208.8 cr in the same quarter
last year led by volume decline of 6.9%. Net profit stood at Rs. 52.7 cr against Rs. 54.3 cr on YoY basis. Higher
advertising cost, other expenses and employee cost impacted the companys operational margins, which came
at 32.4% compared to 36.2% on YoY basis.

WWW.EQUITYRESEARCHLAB.COM
 17th 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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