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NIFTY OUTLOOK
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REPORT
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22 November 2016
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Prepared by: Meenakshi Pal
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nd

22nd November 2016

NIFTY FUTURE

NIFTY FUTURE :
PIVOT :7989

R1:8058
S1:7870

R2:8177
S2:7801

R3:8246
S3:7682

NIFTY DAILY CHART

CHART INTERPRETATION
Technically, A strong break below 8000 will increase the downside pressure and drag it to 7900/7750. Traders can
go short on a break below 8000.On the other hand, a decisive break above 8280 will ease the downside pressure
and take the index futures higher to 8450 and 8550 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 7900. 7900
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 7900-7700-7700 in days to come. If Nifty holds 7900 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 bloodbath continues for Indian equity benchmarks where frontline gauges shaved off

two and a half percent, breaching their crucial levels. The BSE Sensex fell below the psychologically
important 26,000-level while Nifty crashed below the key 8,000-mark. The Nifty Index dropped below
the 8000-mark for the very first time since June 24. In addition, till November 17, FII trading activities
indicated a pull out of Rs 8974 crore from the market which almost doubled as compared to overall
October FII trading activity of Rs 4,990 crore. In this downturn, some sectors worth buying would be
Capital Goods, Banking, Oil & Gas, Pharma while sectors that can be avoided are Auto and Realty. The
INDIA VIX is up 7.25% at 19.0975. Indian Rupee was trading at 68.15/$ trailing by 2 paise. In the
Asian markets, Nikkei 225 and Shanghai Composite closed 1% up whereas Hang Seng closed
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marginally up, while European markets are trading flat.
STRATEGY: Sell Nifty Future below 7900 for the target of 7850 -7800 with the stop loss of 7970.

22nd November 2016

SECTORAL INDICES

INDEX (Spot)
SENSEX
NIFTY
NIFTYBANK
NIFTYIT

Key Indices Levels to watch out for the day

RESISTANCE 2
RESISTANCE 1
LTP
SUPPORT 1
26260
26000
25765.14
25500
8080
8000
7929.10
7850
18800
18650
18446.40
18300
9780
9600
9453.75
9350

SUPPORT 2
25330
7800
18100
9200

CORPORATE NEWS

Panacea Biotec received an EIR from the US Health Regulator USFDA for its oncology parenteral and oral
solids dosage formulation facilities at Baddi in the state of Himachal Pradesh. Shares closed up 3%.

Reliance Infrastructure Limiteds EPC division secured an order worth Rs. 3,675 Cr from NLC India for setting
up Lignite based thermal power plants, one each in Barsingsar and Bithnok of Bikaner District, Rajasthan, India.

Dr. Lal Pathlabs announced that it is in the process of completing the due diligence and legal documentation
for the acquisition of Delta Ria & Pathology Private Limited. Shares closed up 4.2%.

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22nd November 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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