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NIFTY OUTLOOK
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REPORT
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27 December 2016
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Prepared by: Meenakshi Pal
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27th December 2016

NIFTY FUTURE

NIFTY FUTURE :
PIVOT :7925

R1:7955
S1:7881

R2:7999
S2:7852

R3:8029
S3:7808

NIFTY DAILY CHART

CHART INTERPRETATION
Technically, A strong break below 8000 will increase the downside pressure and drag it to 7900/7800.
Traders can go short on a break below 8000.On the other hand, a decisive break above 8200 will ease the
downside pressure and take the index futures higher to 8300 and 8350 thereafter. MACD and Price ROC are
both negative and continue in sell mode. RSI (40) suggests bearish momentum. This week, the indices tested
the short term average of 22dma Nifty 8242 but could not close above it. the indices continue to remain
below the medium term average of 50dma Nifty 8430 but above the long term average of 200dma Nifty
7600. Thus the trend in the short term and medium term timeframe remains bearish whereas the trend in
the long term timeframe still continues to remain Bullish.
MACD and Price ROC are both negative and continue in sell mode. RSI (40) suggests bearish momentum.

INDEX OUTLOOK
NIFTY FUTURE: The Indian Market expected to remain volatile ahead of the expiry of December series

F&O contracts, as investors roll over their positions to the January series. The near month contracts
will expire on the coming December 29. Sensex ended with a loss of 234 points at 25,807, While
Nifty closed with a loss of 77.50 points at 7,908. Nifty fell about 1% on Monday to a seven-month low
weighed by metal, realty, pharma, banking and auto stocks. The BSE Midcap and Smallcap closed
down by 2% each. The India VIX, jumped 12% to 16.9050 points after Narendra Modi's comments on
stock market's contribution to the government on Friday spooked traders. Finally it settled at 14.2350
up by 9.75%. The Rupee was trading up four paise at 67.78 per US dollar. On the global front, Asian
markets were trading mixed. Chinas Shanghai Composite index fell 0.84% to 3,279 on Monday
morning, while Japans Nikkei fell 0.09% to 19,412. Major global markets remained shut on account
of Christmas and Boxing Day holidays. In Europe, the FTSE 100 and CAC 40 were trading
marginally higher, while DAX is trading in red.
WWW.EQUITYRESEARCHLAB.COM
STRATEGY: Buy Nifty Future

above 7920 for the target of 7970 -8020 with the stop loss of 7850.

27th December 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
26250
26100
25807.10
25700
8020
7975
7908.25
7880
17900
17800
17655.55
17500
10200
10120
10023.30
9940

SUPPORT 2
25500
7800
17350
9900

CORPORATE NEWS

Lupin received tentative approval for its anti-hypersensitive drug Olmesartan Medoximil (5 mg, 20 mg and 40
mg) from the United States Food and Drug Administration (FDA) to market in the US.

ONGC announced that it will buy debt-ridden Gujarat State Petroleum Corporation's entire 80% stake in KGbasin natural gas block for an amount of $1.2 billion. Shares closed down 2.1%.

Larsen & Toubros construction arm secured projects worth a total of Rs. 3,039 Cr. The water & effluent
treatment business segment won orders worth Rs. 1,422 Cr. The power transmission & distribution business
segment secured major orders worth Rs. 1,036 Cr. The heavy civil infrastructure and metallurgical material
handling segments secured orders worth Rs. 359 Cr and Rs. 222 Cr respectively.

WWW.EQUITYRESEARCHLAB.COM

27th December 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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