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6 March 2017
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 6th April 2017

NIFTY

NIFTY SPOT : R1:9287 R2:9310 R3:9346

PIVOT : 9251 S1:9229 S2:9193 S3:9170

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 positive on the back of mixed global cues. Its important to
sustain above 9250 to move upwards. Buy Nifty 9250 for targets of 9280-3110, stop loss: 9220

Nifty Bank Future: On the back of fresh long additions, the index managed to end well above the sizeable Call
base of 21700. As RBIs monetary policy is lined up TODAY, we may see some trigger in volatility and a broader
move in the index. However, 21200 is likely to act as a strong support. Sell Nifty Bank in the range of 21660-
21700, targets: 21500, stop loss: 21800

WWW.EQUITYRESEARCHLAB.COM
 6th 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 29974.24 29800 29685
NIFTY 9350 9300 9265.15 9215 9180
NIFTYBANK 22000 21835 21652.70 21500 21350
NIFTYIT 10760 10640 10510.30 10400 10275

CORPORATE NEWS

KEC International announced that it secured orders worth Rs. 1,781 Cr. The transmission and distribution
division of the company secured international orders worth Rs. 1,270 Cr and domestic orders worth Rs. 432 Cr.
The cable and solar division secured various orders for projects worth Rs. 79 Cr. Stock closed up 4.5%.

GOCL Corporation closed up 8.1% after its subsidiary, Houghton International, entered into a definitive
agreement to combine with Quaker Chemicals. The 2 companies operate in the space of process fluids and
chemical specialties.

Idea Cellular gained 2% as the RBI granted license to Aditya Birla Idea Payments Bank Ltd. - a joint venture
between two Aditya Birla Group companiesAditya Birla Nuvo (51%) and Idea Cellular Ltd. (49%), to set up a
payments bank.

WWW.EQUITYRESEARCHLAB.COM
 6th 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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