qwertyuiopasdfghjklzxcvbnmqwerty

uiopasdfghjklzxcvbnmqwertyuiopasd
fghjklzxcvbnmqwertyuiopasdfghjklzx
cvbnmqwertyuiopasdfghjklzxcvbnmq
wertyuiopasdfghjklzxcvbnmqwertyui
opasdfghjklzxcvbnmqwertyuiopasdfg
hjklzxcvbnmqwertyuiopasdfghjklzxc
vbnmqwertyuiopasdfghjklzxcvbnmq
wertyuiopasdfghjklzxcvbnmqwertyui
opasdfghjklzxcvbnmqwertyuiopasdfg
NIFTY OUTLOOK
hjklzxcvbnmqwertyuiopasdfghjklzxc
REPORT
vbnmqwertyuiopasdfghjklzxcvbnmq
th
04 July 2017
wertyuiopasdfghjklzxcvbnmqwertyui
opasdfghjklzxcvbnmqwertyuiopasdfg
hjklzxcvbnmrtyuiopasdfghjklzxcvbn
mqwertyuiopasdfghjklzxcvbnmqwert
yuiopasdfghjklzxcvbnmqwertyuiopas
 04th July 2017

NIFTY

NIFTY SPOT : R1:9625 R2:9670 R3:9700

PIVOT : 9598 S1:9562 S2:9502 S3:9466

NIFTY INTRADAY CHART

NIFTY OUTLOOK
Nifty is likely to open in a negative note. Momentum indicators like RSI are indicating towards a consolidated
session for today. Nifty is likely to be in the range of 9700-9600 for few more trading sessions. Intraday traders
are advised to adopt buy on dips strategy for todays sessions. Positional traders are advised to keep their stop
loss at 9675 for the shorts while 9575 is ultimate stop loss for the longs.

Strategy: Buy nifty around 9600 with a stop loss of 9575 for the target of 9650.

Name Current Value Change % Chg Open High Low

FTSE 100 (Jul 3) 7,377.09 64.37 0.87 7,312.72 7,386.11 7,312.26

CAC 40 (Jul 3) 5,195.72 75.04 1.44 5,151.19 5,200.73 5,151.19
DAX (Jul 3) 12,475.31 150.19 1.2 12,396.34 12,486.29 12,390.73

Nikkei 225 (Jul 4) 20,118.29 62.49 0.31 20,192.27 20,197.16 20,106.39

Straits Times (Jul
4) 3,222.46 -1 -0.03 3,231.26 3,233.39 3,220.55

Hang Seng (Jul 4) 25,650.45 -133.72 -0.52 25,782.85 25,838.27 25,648.72

Taiwan Weighted
(Jul 4) 10,381.87 -30.92 -0.3 10,397.93 10,421.72 10,377.06

SGX Nifty (Jul 4) 9,624.50 0.5 0.01 9,623.50 9,647.50 9,611.50

WWW.EQUITYRESEARCHLAB.COM
 04th July 2017

CORPORATE NEWS

In the near-to-medium term, however, the impact on individual names is likely to differ. Nomura
highlighted several key beneficiaries for this time period, where the analysts said the benefit will arise
out of "lower rates for many (product) categories, which would mean lower prices for several products
for end consumers." This, the analysts said, "may spur demand in the correct weak growth scenario."

Among FMCG, toothpaste-maker Colgate-Palmolive is expected to be one of the key beneficiaries.

Under the new regime, the average indirect tax rate for toothpaste is at 18 percent, down from an
average of 23-24 percent, the analysts noted.

This means Colgate can possibly reduce prices "in excess of 5 percent," which would make its
products cheaper and thus lead to volume growth. Similarly, Colgate's competitors, which were
previously in a lower tax bracket, would now be taxed the same rate, but would not be able to reduce
prices in the same way, the report said.

In its rollout, the government has introduced an anti-profiteering provisions that mandate companies
that benefit from lower indirect taxes must pass on the benefits to consumers, in terms of lower prices.

Jubilant FoodWorks, which is a franchisee for Domino's Pizza and Dunkin' Donuts in India, will
benefit from a lower indirect tax rate; under the old regime, tax rates applied were approximately 20
percent, while the current GST bracket applied is 18 percent plus full credit for service tax paid, the
analysts said. They added that the company will now be "able to take advantage of the input tax credit
on rent, operating expenses, housekeeping, internet bandwidth, etc."

That, the analysts said, would be positive for all quick-service restaurant companies in general.

Indian conglomerate ITC, which has a FMCG business and is also a major seller of cigarette brands, is
going to benefit from lower taxes due to the removal of dual taxation. Under the old tax regime, a
value-added tax was applied on the maximum retail price that already included excise duty, the
analysts said. This would allow the company to reduce prices in the range of 5 to 6 percent.

ITC shares were up nearly 6 percent in the late afternoon Singapore time.

Biscuits-maker Britannia will benefit from an overall increase in taxation on mass market biscuits,
which will make its products become relatively less premium to its competitors, according to the
Nomura analysts. "We foresee market share gains for Britannia in the near to medium term."

In the consumer durables space, Nomura said there'll likely be maximum shift from the unorganized to
the organized space happening for companies like fans and lighting-makers Crompton and Havells.
Except for fans, where indirect taxes rose to 28 percent from 26 percent, Crompton will benefit from
declining rates in other categories including lighting and pumps, the note said.

Other companies including Asian Paints and malted beverage-maker GSK Consumer Healthcare face higher tax
rates for their products. Nomura expects these companies to raise prices to offset the impact of increased
taxation

WWW.EQUITYRESEARCHLAB.COM
 04th July 2017

ERL RESEARCH TEAM

Member Name Designation E-mail ID

Mr. Tuhinanshu Jain Research Head Tuhinanshu.jain@equityresearchlab.co.in
Mr. Manish Bimal Sr. Research Analyst Manish.bimal@equityresearchlab.co.in

DISCLAIMER

The information and views in this report, our website & all the service we provide are believed to be
reliable, but we do not accept any responsibility (or liability) for errors of fact or opinion. Users have
the right to choose the product/s that suits them the most. Investment in Stocks has its own risks.
Sincere efforts have been made to present the right investment perspective. The information contained
herein is based on analysis and up on sources that we consider reliable. We, however, do not vouch
for the accuracy or the completeness thereof. This material is for personal information and we are not
responsible for any loss incurred based upon it & takes no responsibility whatsoever for any financial
profit s or loss which may arise from the recommendations above. The stock price projections shown
are not necessarily indicative of future price performance. The information herein, together with all
estimates and forecasts, can change without notice.

Equity Research Lab does not purport to be an invitation or an offer to buy or sell any financial
instrument. Analyst or any person related to Equity Research Lab might be holding positions in the
stocks recommended. It is understood that anyone who is browsing through the site has done so at his
free will and does not read any views expressed as a recommendation for which either the site or its
owners or anyone can be held responsible for. Any surfing and reading of the information is the
acceptance of this disclaimer.

Our Clients (Paid or Unpaid), any third party or anyone else have no rights to forward or share our
calls or SMS or Report or Any Information Provided by us to/with anyone which is received directly
or indirectly by them. If found so then Serious Legal Actions can be taken. Any surfing and reading of
the information is the acceptance of this disclaimer.

ALL RIGHTS RESERVED.

WWW.EQUITYRESEARCHLAB.COM