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NIFTY OUTLOOK
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REPORT
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04 November 2016
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Prepared by: Yogesh Subnani
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03st November 2016

NIFTY FUTURE

NIFTY FUTURE :
PIVOT :8522

R1:8523
S1:8462

R2:8561
S2:8438

R3:8584
S3:8400

NIFTY DAILY CHART


CHART INTERPRETATION
Nifty break its important support level of 8506 but manage to give closing below it. Nifty has given triangle
breakout below 8550 and made low of 8505. Next support for market is 8440-8430 . Stock Market is still in
negative zone but market would see a bounce at lower levels near support of 8440.If Nifty holds 8440 for next
couple of days then we would see a sharp positive rally.
MACD and Price ROC are both negative poised and continue in sell mode. RSI also suggests bearish

momentum.

INDEX OUTLOOK

WWW.EQUITYRESEARCHLAB.COM

03st November 2016

NIFTY FUTURE: Below 8475 will increase the downside pressure and may drag nifty to 8440/8380. Traders can
go short on the break below 8475.On the other hand, a decisive break above 8506 will ease the downside
pressure and take the index futures higher to 8550 and 8600 thereafter.

STRATEGY: Sell Nifty Future near 8510 for the target of 8475 -8450 with the stop loss of 8540

WWW.EQUITYRESEARCHLAB.COM

03st November 2016

SECTORAL INDICES
Key Indices Levels to watch out for the day
INDEX (Spot)

RESISTANCE 2

RESISTANCE 1

LTP

SUPPORT 1

SUPPORT 2

SENSEX

27820

27650

27430.28

27300

27150

NIFTY

8600

8550

8484.95

8450

8400

NIFTYBANK

19575

19380

19178.70

19050

18900

NIFTYIT

10020

9900

9809.75

9690

9575

CORPORATE NEWS

Hero MotoCorp gained 1.3% after the company said its total motorcycle sales rose 3.65% to 6.63 lakh units in
October 2016 over October 2015.

Strides Shasun gained 6.6% after the company announced that Mylan agreed to settle regulatory and general
claims on Agila transaction.

Amjuba Cements Q3FY17 standalone Revenues declined by 3.8% YoY to Rs 2031 cr. Margins stood at 13.8%
(below estimates of 18%). Cement sales volume fell 6.6% YoY to 4.5 mn tonnes from 4.82 mn tonnes reported
in Q2FY16. While the net profits grew by 79.2% YoY at Rs 277 cr, it was largely due to higher other income.

WWW.EQUITYRESEARCHLAB.COM

03st 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
Research Analyst

Tuhinanshu.jain@equityresearchlab.co.in
Yogesh.subnani@equityresearchlab.co.in
Meenakshi.pal@equityresearchlab.co.in

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