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NIFTY OUTLOOK
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REPORT
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15 October 2016
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Prepared by: Meenakshi Pal
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15th October 2016

NIFTY FUTURE

NIFTY FUTURE :
PIVOT :8594

R1:8624
S1:8575

R2:8643
S2:8545

R3:8673
S3:8526

NIFTY DAILY CHART

CHART INTERPRETATION
Technically, A strong break below 8550 will increase the downside pressure and drag it to 8400/8300. Traders can
go short on a break below 8550.On the other hand, a decisive break above 8680 will ease the downside pressure
and take the index futures higher to 8750 and 8800 thereafter. Indian Stock Market is still in negative zone but
market would see a bounce at lower levels near support. Nifty is laying near its major support level of 8500. 8500
is a make or break level on closing basis. If Nifty closes below those levels then a breakdown would be seen in the
market and we can even see levels of 8200-8000-7700 in days to come. If Nifty holds 8500 for next couple of
days then we would see a sharp positive rally.
MACD and Price ROC are both negative and continue in sell mode. RSI (40) suggests bearish momentum.

INDEX OUTLOOK
NIFTY FUTURE: The Indian stock market recovered from the previous session's multi-month low and

closed marginally higher with financials gaining on the prospect of further rate cuts after inflation
cooled to a 13-month low in September. Markets were unable to hold on to their gains as selling
pressure in the telecom, IT, technology and consumer discretionary stocks dragged indices lower. On
the other hand, oil & gas, capital goods, energy, industrial, realty and banking stocks ended with gains.
Nifty closed with a gain of 10 at 8,583. Sentiments got boosted after Indias WPI in the month of
September 2016 softened to 3.57% compared to 3.74% in the previous month . Also, some support was
gained with retail inflation hitting a 13-month low, aided by lower food prices especially those of
vegetables. This is the first time in this financial year that the overall CPI inflation has fallen below the
Reserve Bank of Indias inflation target of 5% by March 2017.
STRATEGY: Buy Nifty Future
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above 8610 for the target of 8660 -8710 with the stop loss of 8530.

15th October 2016

SECTORAL INDICES

INDEX (Spot)

Key Indices Levels to watch out for the day

RESISTANCE RESISTANCE
LTP
SUPPORT 1
2
1

SUPPORT 2

SENSEX

28100

27900

27643

27500

27285

NIFTY

8710

8650

8573

8540

8475

NIFTYBANK

19300

19100

18954

18800

18650

NIFTY IT

10520

10400

10243

10140

10000

CORPORATE NEWS

IndusInd Bank reported a 25.8% rise in net profit to Rs. 704.3 Cr in Q2 FY17, against Rs. 560 Cr in
the corresponding quarter last fiscal. NII grew by 33.5% to Rs. 1,460.3 Cr. Net NPA stood at 0.37%
against 0.38% in Q1 and Gross NPA stood at 0.90% against 0.91% in the previous quarter.
Cipla received an Establishment Inspection Report (EIR) from the US Food & Drug Administration
(FDA) for its Indore facility. The report indicated formal closure of the inspection conducted in 2015.
KEC International bagged orders worth Rs. 1,192 Cr in various segments. The company received
Transmission and Distribution projects worth Rs. 859 Cr in India, Africa, North and South America,
cable orders worth Rs. 105 Cr, orders for Railways overhead electrification worth Rs. 120 Cr and Rs.
108 Cr worth EPC project for solar power projects.

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15th October 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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