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NIFTY OUTLOOK
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7 April 2017
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 7th April 2017

NIFTY

NIFTY SPOT : R1:9280 R2:9298 R3:9329

PIVOT : 9249 S1:9231 S2:9200 S3:9182

NIFTY DAILY CHART

CHART INTERPRETATION

The major resistance placed around 9250. Only a decisive close above 9250 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 flat to negative on the back of mixed global cues. Its important to
sustain above 9270 to move upwards. Sell below 9265 for targets of 9230-9200, stop loss: 9300

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. We feel, the index is likely to face hurdle near 21750
levels on upside. Sell Nifty Bank in the range of 21650-21700, targets: 21550-21450, stop loss: 21770

WWW.EQUITYRESEARCHLAB.COM
 7th 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 30275 30100 29927.34 29780 29650
NIFTY 9350 9300 9261.95 9215 9180
NIFTYBANK 22000 21835 21622.95 21500 21350
NIFTYIT 10760 10640 10538.15 10400 10275

CORPORATE NEWS

Sunil Hitech Engineers Limited received a Letter of Award (LoA) from the State of Maharashtra for road
projects on EPC mode. The project worth is a total of Rs. 935.9 Cr. The stock closed up 8.8%.

Jubilant Life Sciences received an Abbreviated New Drug Application (ANDA) approval from the US health
regulator for Celecoxib capsules which are used for the treatment of osteoarthritis and rheumatoid arthritis.

Chambal Fertilizers & Chemicals announced that the company's Urea Plant at Gadepan, District Kota,
Rajasthan will be shut down from April, 6 2017 to carry out planned repair and maintenance activities. The
plant is expected to resume operations from May 3, 2017. The stock closed down 1.4%.

WWW.EQUITYRESEARCHLAB.COM
 7th 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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