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24 March 2017
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 24th April 2017

NIFTY

NIFTY SPOT : R1:9169 R2:9219 R3:9259

PIVOT : 9129 S1:9079 S2:9038 S3:8988

NIFTY DAILY CHART

CHART INTERPRETATION
Nifty has given trendline breakout and showed downside movement from there. The major resistance placed
around 9220. Only a decisive close above 9220 will signal acceleration of the current up move, going forward.
Failure to do so, will lead to broader consolidation between 9000 and 9220 in the short term. 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 50-day SMA, 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 short-term stochastic on the daily scale
has rebounded from the oversold zone after hitting a reading of 9 during previous session and supports pullback
efforts near key support zone of 9000 region

INDEX OUTLOOK

Nifty Future: The Nifty is likely to open flat to negative on the back of week global cues. Its important to
sustain above 9175 to move upwards. SELL Nifty near 9160-9170 for targets of 9120-9100, stop loss: 9220

Nifty Bank Future: Nifty Bank continued its negative bias in the last session as well and ended near 21491.
We remain negative on the Nifty Bank till it trades below 21700. Participation of private sector heavyweights is
likely to pull the index towards 21250-21000 in coming sessions. Sell Nifty Bank below 21400, targets: 21250-
21000, stop loss: 21610

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 24th April 2017

SECTORAL INDICES

Key Indices Levels to watch out for the day

INDEX (Spot) RESISTANCE RESISTANCE LTP SUPPORT 1 SUPPORT 2
2 1
SENSEX 29700 29550 29365.30 29200 29000
NIFTY 9220 9175 9119.40 9075 9020
NIFTYBANK 21850 21700 21551.45 21370 21200
NIFTYIT 10240 10110 10008.10 9890 9780

CORPORATE NEWS

Sun Pharmaceuticals Dadra unit received 11 observations from the US Health Regulator (USFDA). The Dadra
site is the biggest unit for the company after Halol plant, for supplying drugs in the United States

Larsen and Toubro inked a deal with South Korean defence major Hanwha Techwin (HTW) to jointly
manufacture self-propelled howitzers guns for Indian Army at a cost of approximately Rs. 4,500 Cr.

HDFC Bank reported an 18.3% rise in Net Profits to Rs. 3,990.1 Cr in Q4, as compared to Rs. 3,374.2 Cr in the
corresponding quarter last year. Net Interest Income (NII) grew by 21.5% to Rs. 9,055.1 Cr, as compared to Rs.
7,453.3 Cr in the corresponding quarter last year. Asset Quality was stable as Gross NPAs as a percentage of
loans stood unchanged at 1.05%, and Net NPAs stood at 0.33%, against 0.32% in the last quarter.

WWW.EQUITYRESEARCHLAB.COM
 24th 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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