Daily Equity Report

Outlook of Nifty & Bank Nifty Today

Nifty Outlook:-

Nifty began the day on a higher note as advanced its gains to over 10,750 mark. But bulls could not get the momentum going further and the bears soon took over in the afternoon. Indices turned red in the afternoon trade before a battle between bears and bulls ensured that the indices ended flat.

Nifty Future Support-Resistance
R1/R2	10800/10950
S1/S2	10640/10500

Daily Chart:

Bank Nifty Outlook:-

Bank Nifty trades higher for the second consecutive day and ends the day with Doji candle on daily charts. ICICI Bank stole the limelight as the stock gained over 8 percent intraday and closed 7 percent higher. The bank, as such, reported 50 percent drop in its net profit for the March quarter.

Bank Nifty Future Support-Resistance
R1/R2	26300/27000
S1/S2	25500/25000

Daily Chart:

Technical Outlook

Top Gainers
ICICIBANK	308.5
HINDPETRO	305.55
EICHERMOT	30,400.00
BPCL	393

Top Losers
M&M	865.25
LT	1,364.90
INFY	1,167.50
ZEEL	592.8

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Stock Market Trending News - Nifty on course to hit 10,500 in couple of months, if it holds above 10K

Like most global equity markets, Indian markets too have had a great run over, hitting new highs or testing previous highs on the expectation of smart global recovery as well as unprecedented inflows into equity mutual funds.

While everyone agrees India is a great story for the medium to long term and the view has not changed in the medium term regarding growth or political stability, but the disappointment in earnings and a possible disappointment in gross domestic product (GDP) makes a lot of people nervous.

Higher investment flows both from domestic and foreign investors should provide downside support to the markets.

Valuations too are at peak levels. Our discussions with investors these days are more towards worries about rich valuations, although in many discussions recently, the valuation debate has been ignored altogether.

We believe that we are in price-earnings multiple expansion rather than earnings growth this year, especially for cement, consumer staples, autos, and non-bank financials.

The recovery is driven by a number of reforms undertaken over the past few years coupled with a favourable macro environment that can drive sustained growth in corporate earnings over the next few years.

In the near term, the markets may remain sideways and will be driven by growth recovery as it materialises over the next few quarters.

However, the growth recovery is at risk as indicated by falling yields, flattening yield curves and inflation having come off sharply indicating weak demand recovery.

Besides this, the emergence of geopolitical risks also poses a threat in the near to medium term.

Any risk aversion arising out of sharp global market correction on the back of either global growth concerns or geopolitical reasons is the biggest risk that we need to keep an eye on.

On the monthly chart, we are observing a bear candle with narrow body formation which indicates a pause of the current up move.

In the coming month if Nifty trades and closes above 10006 levels then it is likely to test 10,138 – 10,270 – 10,424 levels.

However, if Nifty trades and closes below 9,829 level then it can test 9,697 – 9,565 – 9,411 levels.

Broadly, we are of the opinion that for the current month as long as Nifty holds 9680 on the daily closing basis there is a high probability that Nifty may test the 10300 - 10500 in a couple of months.

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