MULTIPLE SUPPORT FOR NIFTY PLACED AROUND 9250 | TODAY NIFTY TREND OUTLOOK 10 MAY 2017

NIFTY REPORT 

NIFTY SPOT :	R1:9334	R2:9352	R3:9365
PIVOT : 9321	S1:9303	S2:9289	S3:9272

CHART  INTERPRETATION

The Nifty took support near  the cluster of support placed around 9060-9070 region as it is the upper band of bullish gap area formed on March 14, 2017 post state election results (9060) and 80% retracement of the last rising segment placed around 9070. Going forward, we expect the index to trade with a positive bias and a decisive close above 9310 will add fuel to the ongoing momentum and open further upsides towards 9450 over the short term as it is the value of the trend line joining 2016 yearly high and March 2017 peak of 9218. Among oscillators, the 14 period RSI is exhibiting a negative divergence as it has formed lower high against higher high on price front. This may keep the index vulnerable to bouts of profit taking at higher levels

INDEX  OUTLOOK

Nifty Future: The Nifty is likely to open  flat to positive on the back of weak Asian cues. Its important to sustain above 9260 to move upwards. Buy  Nifty near 9270-9290 for targets of 9350,9400 stop loss: 9250

 Nifty Bank Future: Profit booking was seen after hiting new life time However, private sector banks like Axis and HDFC Bank have seen a long accumulation pattern. Looking at the build-up in 23000 strike, we feel the index is well placed to test highest Call base. Buy Nifty Bank in the range of 22600-22650, targets: 22750-22850, stop loss: 22500

SECTORAL INDICES

Key Indices – Levels to watch out for the day
INDEX (Spot)	RESISTANCE 2	RESISTANCE 1	LTP	SUPPORT 1	SUPPORT 2
SENSEX	30300	30125	29933.25	29775	29600
NIFTY	9430	9375	9316.85	9270	9220
NIFTYBANK	23030	22860	22707.30	22545	22400
NIFTYIT	10465	10360	10279.60	10160	10040

CORPORATE NEWS

• FMCG firm Godrej Consumer Products reported more than three-fold jump in consolidated net profit of Rs 390 cr for Q4FY17. In the corresponding quarter last year, company had an exceptional loss of Rs 189 cr resulting in lower profit of Rs 125 cr. Net Sales was up 12.5% to Rs 2,480 cr. The operating profit rose 20.8% at Rs 550.7 cr and EBITDA margin was at 23%. The company has declared a bonus issue of 1:1 and an interim dividend of Rs 12 per share.
• Dena Bank’s Q4FY17 standalone Net Interest Income came in at Rs 450 cr, a 28% YoY decline on lower interest income. Gross NPAs for the period recorded a 47% YoY jump to Rs 12,618 cr leading to a 632 bps worsening of asset quality. Gross NPA stood at 16.27% in Q4FY17, up from 14.79% in Q3FY17. Provisions increased by 7.9% YoY to Rs 972 cr. The net loss for the quarter widened to Rs 575 cr vs net loss of Rs 326 cr in Q4FY16.
• Another PSU lender, Syndicate Bank reported a net profit of Rs 103 cr for Q4FY17 compared to a loss of Rs 2,518 cr YoY, on the back of lower provisions and higher other income. Net interest income increased 27.3% to Rs 1,861 cr YoY. As a percentage of total loans, gross NPAs dropped to 8.5% at the end of the March quarter from 8.69% in Q3FY17 and 6.70% in Q4FY16.