The document provides an analysis of the Indian stock market index Nifty. It states that Nifty may open lower due to declines in Asian markets. It discusses recent gains in Nifty and select stock buying. Concerns remain around future earnings growth following demonetization. The document also provides the day's closing levels for various stock indexes and commodities, and analyses long and short positions in stocks from a derivatives perspective. Technical indicators are given for Nifty and Bank Nifty to help gauge near-term market movements.

1. Equity Bazaar
SEBI Registered– Research Analyst Equities I Commodities I Currencies I Mutual Funds
Nifty Intraday
Today, We may gap down opening in Nifty around 7985 level on back of SGX
Nifty and other Asian counters which is trading on negative note today.
Prolonging its gains for second day in a row, Indian benchmark index -- Nifty --
ended the session in the green on account of increased buying in select stocks
coupled with covering-up of pending short-positions ahead of November
month F&O expiry tomorrow. Market participants continued to accumulate
quality stocks at reasonable valuations, though they were worried over
quarterly earnings growth after currency demonetisation. Sentiments got
some support with the private report indicating that a moderation in
aggregate food prices will lower inflation momentum in November and the
CPI inflation is expected to moderate to around 4 percent in November from
4.2 percent in October. However, gains remained capped with the report that
government has assessed the impact of demonetisation that is likely to bring
the gross domestic product (GDP) growth to 5.5% in the third quarter of
financial year 2016-17, a steep drop from 7.1 per cent in the first quarter.
Besides, depreciation in rupee value against dollar also weighed on the
sentiments. On the global front, Asian markets ended mostly higher on
Wednesday as investors tried to share in the exuberance of Wall Street’s
record run, while high US bond yields kept the dollar well
underpinned. Several Asian currencies, however, continue to slide, indicating
that offshore funds are pulling money from the region. Chinese shares ended
lower even as survey figures from MNI showed China's business sentiment
picked up slightly in November after falling in the previous month.
Meanwhile, European counter parts too traded with conviction as the UK’s
FTSE 100 led the space with over half a percent gain.
The top gainers in Nifty index were LUPIN, HINDALCO, ASIANPAINT,
TATASTEEL, NTPC. While on the other hand, top losers were M&M, HDFC,
BANKBARODA, HDFCBANK, POWERGRID.
24th November 2016
SENSEX 26,052 0.35%
NIFTY 8,033 0.39%
SGX Nifty* 7,965 -0.55%
Global Indices
Dow Jones 19,083 0.31%
Nasdaq 5,381 -0.11%
FTSE 6,818 -0.03%
DAX 10,662 -0.48%
Straits Times 2,826 -0.47%
Nikkei 225 18,347 1.00%
Hang Seng 22,566 -0.49%
Commodities
Gold 28,829 -1.08%
Silver 40,526 -0.65%
Natural Gas 210 2.81%
Crude Oil 3,318 1.81%
Currency
Dollar / Rupee 68.56 0.45%
Euro / Rupee 72.45 -0.19%
Pound / Rupee 85.45 -0.11%
Volumes Rs.mn
Cash BSE 24,993 8.36
Cash NSE 185,946 1.28
FII Activities Rs.Cr.
Purchase Sale Net
5628.55 6,948 -1319.5
MF Activities Rs.Cr.
Purchase Sale Net
10980.2 6,786 4193.9
Indian Markets
*Sources- Bloomberg, Moneycontrol, Zeebusiness, livemint

2. Equity Bazaar
SEBI Registered– Research Analyst Equities I Commodities I Currencies I Mutual Funds
Nifty Outlook
Bank Nifty Outlook
24th November 2016
L1 L2 L3
R 8068 8103 8150
S 7986 7938 7904
21 DEMA 8304
50 DEMA 8466
100 DEMA 8448
Moving Averages
L1 L2 L3
R 18657 18773 18876
S 18437 18334 18218
21 DEMA 19175
50 DEMA 19284
100 DEMA 18956
Moving Averages
 Nifty has formed back to back hammer candlestick which is a bullish reversal candlestick and indicates for
upside movement.
 However, major concern is still there as Nifty has been trading below its 200 day moving average which is
placed at 8140 level which shows weakness in the index.
 Besides, Index has been trading with negative crossover of 21*50 day moving averages which suggest negative
momentum. A momentum oscillator RSI reading is at 30.85 level with positive crossover which point out for
positive breath in the Nifty.
 Going forward, with the above technical structure, we expect positive move but only above 8050 level after
which we might witness pull back rally in the index upto the level of 8150.
 Yesterday Bank Nifty traded in a very narrow range and didn’t give any clear direction of trend for next trading
sessions.
 However, fall in the prices have associated with ample volume, which suggest valid downside move and may
plunge further if it fails to manage 18340 level.
 Besides, Bank Nifty has been trading below its 100 day moving average which is placed at 19233.30 level, which
shows that medium term trend has changed to down. A momentum oscillator RSI reading is at 35.08 level with
negative crossover which point out for negative breath in the Index.
 Going forward, with the above technical structure, we expect positive move but only above 18650 level till then
one should use wait and watch strategy to enter in the long side positions.

3. Equity Bazaar
SEBI Registered– Research Analyst Equities I Commodities I Currencies I Mutual Funds
Derivative Front:
The India VIX decreased by 3.31% and reached 18.46. The
50-share Nifty was up by 73.20 points or 0.92% to settle at
8,002.30.
From the most active contracts, ICICI Bank November futures
traded at a discount of 0.15 points at 263.25 compared with
spot closing of 263.40. State Bank of India November futures
traded at a discount of 0.25 points at 257.75 compared with
spot closing of 258.00. Hindalco Industries November 2016
futures traded at a discount of 0.65 points at 166.50
compared with spot closing of 167.15. Axis Bank November
2016 futures traded at a discount of 3.60 points at 471.05
compared with spot closing of 474.65. Sun Pharmaceuticals
Industries November 2016 futures traded at a premium of
0.40 points at 689.65 compared with spot closing of 689.20.
The Nifty PCR finally stood at 0.53 for November month
contract. The top five scrips with highest PCR on OI were
Cummins India (1.13), BPCL (1.00), UBL (0.97), Hindustan
Unilever (0.82) and Titan (0.81).
24th November 2016
Long Built Up
Symbol Close Price Chng % OI Chng % Buy Above
UPL 614.70 1.19 80.58 619.25
PTC 69.45 2.28 73.72 70.10
HINDZINC 258.90 2.33 69.07 261.90
ZEEL 458.5 2.09 66.25 467.21
Short Covering
Symbol Close Price Chng % OI Chng % Buy Above
Short Built Up
Symbol Close Price Chng % OI Chng % Sell Below
CESC 572.35 -0.30 57.22 577.79
SIEMENS 1061.45 -1.51 55.63 1078.35
APOLLOTYRE 179.15 -2.58 54.20 182.65
DISHTV 84.95 -1.28 51.19 86.04
Long Liquidation
Symbol Close Price Chng % OI Chng % Sell Below
NIFTY SHORT STRADDLE

4. Equity Bazaar
SEBI Registered– Research Analyst Equities I Commodities I Currencies I Mutual Funds
24th November 2016
Symbols CLOSE R3 R2 R1 P S1 S2 S3 Trend Action
ACC 1305 1363 1340 1322 1300 1282 1259 1219 Up Buy
ADANIPORTS 263 272 268 266 262 259 255 249 Up Buy
AMBUJACEM 197 205 202 200 197 194 191 186 Up Buy
ASIANPAINT 940 988 967 954 933 919 898 864 Up Buy
AUROPHARMA 731 752 742 736 727 721 711 696 Up Buy
AXISBANK 479 498 490 485 477 471 464 450 Up Buy
BAJAJ-AUTO 2600 2705 2672 2636 2604 2567 2535 2466 Down Sell
BANKBARODA 161 168 166 164 162 159 158 154 Down Sell
BHARTIARTL 301 316 312 306 303 297 294 285 Down Sell
BHEL 125 130 128 126 124 123 121 117 Up Buy
BOSCHLTD 18900 19732 19397 19148 18813 18565 18229 17646 Up Buy
BPCL 634 662 652 643 634 625 615 597 Up Buy
CIPLA 552 571 565 559 553 546 541 528 Down Sell
COALINDIA 304 311 309 306 304 302 300 295 Down Sell
DRREDDY 3131 3204 3175 3153 3124 3102 3073 3022 Up Buy
EICHERMOT 20921 22191 21828 21375 21012 20559 20196 19380 Down Sell
GAIL 411 429 425 418 413 406 402 390 Down Sell
GRASIM 814 835 826 820 811 805 797 782 Up Buy
HCLTECH 765 783 776 770 763 758 751 739 Up Buy
HDFC 1230 1305 1280 1255 1230 1205 1180 1130 Up Buy
HDFCBANK 1182 1218 1210 1196 1189 1174 1167 1145 Down Sell
HEROMOTOCO 3012 3065 3047 3030 3012 2995 2977 2942 Down Sell
HINDALCO 173 182 178 176 172 169 166 159 Up Buy
HINDUNILVR 829 856 845 837 826 818 807 788 Up Buy
ICICIBANK 265 272 269 267 264 262 258 253 Up Buy
IDEA 73 76 75 74 72 71 70 68 Up Buy
INDUSINDBK 1068 1095 1087 1077 1069 1059 1051 1033 Down Sell
INFRATEL 360 371 368 364 360 356 353 345 Up Buy
INFY 921 936 929 925 919 915 908 898 Up Buy
ITC 225 232 230 227 225 223 221 217 Down Sell
KOTAKBANK 765 780 777 771 768 762 759 750 Down Sell
LT 1354 1414 1399 1377 1362 1340 1325 1288 Down Sell
LUPIN 1473 1589 1542 1508 1461 1427 1380 1299 Up Buy
M&M 1190 1255 1241 1215 1201 1176 1162 1122 Down Sell
MARUTI 4892 5023 4984 4938 4899 4853 4814 4729 Down Sell
NTPC 159 173 167 163 157 153 147 137 Up Buy
ONGC 280 288 285 282 279 277 274 268 Up Buy
POWERGRID 181 194 191 186 183 178 175 167 Down Sell
RELIANCE 1007 1023 1017 1012 1006 1001 995 984 Up Buy
SBIN 258 266 263 261 258 255 252 247 Up Buy
SUNPHARMA 702 721 713 708 699 694 685 672 Up Buy
TATAMOTORS 469 489 482 475 469 462 455 442 Down Sell
TATAMTRDVR 295 309 304 300 295 290 286 276 Up Buy
TATAPOWER 69 71 70 70 69 69 68 67 Up Buy
TATASTEEL 390 411 403 397 388 382 374 359 Up Buy
TCS 2159 2208 2185 2172 2150 2136 2114 2078 Up Buy
TECHM 454 470 465 459 454 448 443 432 Up Buy
ULTRACEMCO 3450 3584 3530 3490 3435 3396 3341 3247 Up Buy
WIPRO 449 463 457 453 448 443 438 428 Up Buy
YESBANK 1127 1171 1158 1143 1130 1115 1102 1075 Down Sell
ZEEL 456 490 476 466 453 443 430 406 Up Buy

5. Equity Bazaar
SEBI Registered– Research Analyst Equities I Commodities I Currencies I Mutual Funds
Contact Us
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Kkunal Parar
Sr. Research Associate
kkunal.parar@choiceindia.com
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Research Associate
vikas.chaudhari@choiceindia.com
www.choicebroking.incustomercare@choiceindia.com
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24th November 2016
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Vikas Chaudhari
Digitally signed by Vikas Chaudhari
DN: cn=Vikas Chaudhari, o=Choice Equity Broking
Pvt Ltd, ou=Research Department,
email=vikas.chaudhari@choiceindia.com, c=IN
Date: 2016.11.24 08:54:57 +05'30'