ICICI

NIFTY OUTLOOK
REPORT
6th March 2017
 6th March 2017

NIFTY

NIFTY FUTURE : R1:8946 R2:8969 R3:9006

PIVOT :8909.5 S1:8886 S2:8849 S3:8825

NIFTY DAILY CHART

CHART INTERPRETATION

Among oscillators, the 14 period RSI is inching southwards after exhibiting a minor negative divergence as it
failed to make a higher high along with price suggesting waning momentum and points towards an extended
round of consolidation going forward.Nifty find support at 8880 and have closed at 85922. The indices continue
to remain above the medium term average of 28WMA Nifty 8710. Thus the trend in the short term, medium
term and even the long term timeframe continues to remain upwards. A significant close above 8860 may open
the gates for new lows.

INDEX OUTLOOK
NIFTY FUTURE: We have revised the immediate support threshold for the index upwards to 8800 region as it
is the confluence of following: Last weeks lows is placed at 8809 region, Bullish gap area formed on February
17, 2017 is placed between 8804 and 8778, Lower boundary of short-term rising channel marking equality with
the intermediate corrective phases since December 2016 bottom measuring 135 points is placed around the
8850 region .

STRATEGY: Sell Nifty Future near 8940-8950 for the target of 8910-8880 with the stop loss of 8980

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SECTORAL INDICES

Key Indices Levels to watch out for the day

INDEX (Spot) RESISTANCE RESISTANCE LTP SUPPORT 1 SUPPORT 2
2 1
SENSEX 29100 29000 28832.45 28550 28350
NIFTY 9000 8960 8897.55 8825 8770
NIFTYBANK 20900 20700 20495.60 20350 20200
NIFTYIT 11030 10900 10806.20 10640 10550

CORPORATE NEWS

Biocon shares surged 3.8% as investors cheered Delhi High Courts verdict on the cancer drug. The
court allowed Biocon to make and sell a cancer drug Canmab. It also gave a similar nod to Mylan for
its cancer drug Hertraz.

Apollo Hospitals fell 5.3% after a unit of Malaysian sovereign fund Khazanah launched a block deal
to sell $160mn worth of shares in the company.

GAIL signed a time-swap deal with Swiss trader Gunvor to sell some of its US liquefied natural gas
(LNG) as the Indian firm tries to ease the burden of its costly foreign LNG supplies. The shares closed
higher by 3.5%.

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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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