OTHER DATA FOR 16 JAN 2017

Market Update:

Sgx Nifty -12 pts
‎Dow -5.27 pts ,Nsdq -26.63 pts , S&P +4.20 pts , Bovespa -302 pts , Ftse +45 pts  , Dax +108 pts  , Cac +58 pts , Nikkei  -71 pts now , Crude @ $52.47 brl (+0.10), Brent @ $55.57 brl (+0.02) , Gold @ $1202.10 (+5.90), Silver @ $16.89 (+0.13), Euro @ $1.0628, JPY @ $114.2600, INR @ $68.1563

Today's Corporate Action
16th Jan  Ex Date

IPRINGLTD - Right Issue of Equity Shares

Today's Key Result
16th Jan

Reliance Inds (Cons Net 7878 Cr +9% Yoy Time -After Mkt)
DHFL (Net 331 Cr +24% Yoy) 
Lic House( 494 Cr +18% Yoy)
Cmi Ltd, Geometric Ltd
Srcs-Est Cogencis

Today's Data Alert 

Jan 16: GST Council to meet.

Jan 16: WPI inflation for December, by commerce & industry ministry. 1200
IST.

Sensex (27238) / Nifty (8400)

Last week, we saw Nifty struggling around the 8300 mark, in fact,
the same thing was witnessed in the early part of the week gone
by. However, similar to 8200, the index chose to surpass this
hurdle with a strong gap up opening, which was a sign of
strength. As a result, we saw strong follow up buying to test the
expected target of 8450 on Friday.

Now, due to last week’s up move, the Nifty has managed to close
decisively above the ’20 EMA’ as well as ‘Parabolic SAR’, which
has confirmed a bullish signal on weekly chart. In addition, the
‘RSI – smoothened’ oscillator has given a positive crossover with
its average in the same time frame chart. On Friday, we saw
some profit booking after reaching the downside gap area (8460
– 8510) formed on November 11, 2016. Going ahead,
considering recent sharp rally, we may see Nifty consolidating
around 8460 and then at 8598, which can termed as immediate
hurdles. However, there would just be a pause in the momentum
as the undertone still remains bullish and we expect buying
emerging at lower levels. On the other hand, in case of a dip,
8320 – 8250 would be seen as strong support levels for the
index. Since, the index has already given a decent run of late, we
would now advise traders to focus on individual stocks which may
fetch higher returns as compared to the index.
Key Levels

Support 1 – 8350 Resistance 1 – 8460
Support 2 – 8320 Resistance 2 – 8510

Nifty Bank Outlook - (18912)
Again, the Bank nifty index opened with upside gap on Friday
and started correcting from initial trades. The banking index
breached its previous session’s low within first hour of trade.

However, we witnessed decent recovery in the later half and as a
result, the Nifty Bank index has managed to close with gains of
0.20 percent over its previous close.
After the formation of ‘Doji’ candle on Thursday, the Nifty Bank
index has formed a ‘Hanging Man’ candle on Friday’s session.

A close below Friday’s low of *18781.25* may result into pause in the
upward momentum and we may see some time as well as price
correction. Since, there is no sign of reversals seen on chart,
traders should not pre-empt ‘Top’ and thus trade with positive
bias. At current juncture, the Nifty Bank index has resistance at
*19275* level, which is 61.80% retracement level of previous down
move from *20309.65* to *17606.90*. On the flipside, immediate
support for the index is placed at *18781* and *18600* levels.

Key Levels
Support 1 – 18781 Resistance 1 – 19040
Support 2 – 18600 Resistance 2 – 19275