MARKET Diary

Value % Change

SGX NIFTY 7,919.00 0.10%

19425.43 0.15%

HANG SENG

Sensex 25,807.10 -0.90%

Nifty 7,909.25 -0.97%

DOW

NASDAQ

CAC

Event Today DAX

FTSE

EW ALL SHARE 14,104.66 -1.46%

JSWENERGY : General

GOODLUCK : General Value % Change

27037.00 0.16%

38513.00 -0.21%

53.09 0.13%

252.40 1.16%

67.74 -0.12%

70.76 -0.09%

83.16 -0.06%

Investor Buy(Cr.) Sale(Cr.) Net(Cr.)

26-Dec-16 988 2083 (1095)

Dec-16 96295 115843 (19548)

2016 980266 977416 2850

Investor Buy(Cr.) Sale(Cr.) Net(Cr.)

26-Dec-16 2107 1041 1065

Dec-16 63383 45782 17600

2016 455024 426707 28316

Quote of the Day : "We both (He and Warren Buffett) insist on a lot of time being available almost every

day to just sit and think. That is very uncommon in American business. We read and think. So Warren and I do

more reading and thinking and less doing than most people in business. We do that because we like that kind

of a life." Charles Munger

FII

27-Dec-16

DII

Commodity Price ( Yesterday Closing )

GOLD

NATURALGAS

DOLLAR/RS.

EURO/RS.

Commodity/Currencies

SILVER

Market

NIKKIE

% Change in 1 day

% Change in 1 day

Indian equities opened at lower and traded in the

negative territory throughout yesterday. Nifty was

sharply down in first an hour of opening of the

market and make an intraday low of 7895. Then

nifty was sideway moment till closing. Market

sentiment was Weakness due to PM Narendar

Modi had clearly stated the government’s intent to

raise the tax level in securities market . Though

Finance Minister Arun Jaitley clarified that media

reports of Modi`s speech are erroneous, adding

further that the government has no plans to

introduce long-term capital gains tax on share

transactions. At the end of the day the index closed

at 7908.25. It had a net loss of -0.97% over the

previous day’s close. The midcap and small cap

indices also down sharply and closed the day after

declining 2.86% and 2.24% respectively.

On the sectoral front, the selling pressure was

witnessed across the board. Banking, Auto,

Financial services , Metal, Media , Pharma stocks

and only FMCG was on the buyers’ radar. The

breadth of the market was very poor and about

seven shares declined for every share advanced at

NSE.

The foreign investors were the net sellers in the

cash segment and they sold Rs 1095.04 crores

worth of equities on Monday.

Traders may take short position and sell on rallies.

We revise our trail stop loss to 8111.

Morning Traded Market

Nifty Intraday Chart Market

Institutional Turnover

Yesterday Closing Market

POUND/RS.

Market Outlook

CRUDEOIL

Board Meetings

Closed

Closed

Closed

Closed

Closed

Closed

KEY LEVELS

Support 1 : 7753

Resistance 1: 8022 Resistance 2: 8230

Narnolia Securities Ltd

IEA Snapshot

"BUY"

"NEUTRAL"

Top News

• United Bank of India said that cost of funds will increase if

farm loan waiver is announced. the bank has received net

deposit of Rs 10,500 crore. There is no major improvement in

non-performing asset (NPA) recovery. However, major part of

the book is clean

*For details, refer to our daily report- India Equity Analytics

• Mgt Int : UNITEDBANK

cost of funds will increase if farm loan waiver is announced.

On the account of demonetizaion, Mgt said that the bank has

received net deposit of Rs 10,500 crore.

There is no major improvement in non-performing asset (NPA)

recovery. However, major part of the book is clean.

• Lupin has received tentative approval for its Olmesartan Medoximil

tablets, 5 mg, 20 mg and 40 mg from the United States Food and Drug

Administration (FDA) to market in the US

These tablets are the AB rated generic equivalents of Daiichi Sankyo

Inc's Benicar tablets, 5 mg, 20 mg and 40 mg.

Benicar tablets had US sales of USD 1.06 billion, according to IMS MAT

data of September 2016.

• CONCOR will definitely try to pass on the price hike. It will be

done in phases. Company hope that the full impact of our

initiative will be seen in Q3 and hopefully the negative effect, if

any, of the demonetisation will also hopefully die down by then.

Mgt expect that 20 percent EBITDA margins in FY17.

• The Ministry of Defence is about to select two private sector

companies to design the prototype of the futuristic infantry

combat vehicle or (FICV). A consortium of Tata Motors and

Bharat Forge is vying for this USD 12 billion project. Company

has General Dynamics of Canada, collaboration with France and

Bharat Forge as a consortium partner. They win the order it

would take them about 30 years to complete the 2100 FICV

order, for which the investment would be around Rs 3500 per

year. The company would put in 20 percent of the design and

development cost and the government would put in 80 percent

• Larsen & Toubro (L&T) has bagged orders worth Rs 3,039 crore

across various business segments, including power transmission and

distribution, and heavy civil infrastructure.

• NTPC said that its wholly-owned arm NTPC Vidyut Vyapar Nigam has

signed power purchase pact with Nepal Electricity Authority to supply

160 MW power for January-May 2017. NTPC Vidyut Vyapar Nigam

Limited (NVVN) has signed Power Purchase Agreement(PPA) with Nepal

Electricity Authority (NEA) for supply of up to 160 MW power for the

period January 2017 to May 2017 through Muzaffarpur-Dhalkebar

transmission line

• Japan’s index of leading economic indicators rose to a seasonally

adjusted 100.8, from 101.0 in the preceding month. Analysts had

expected Japan’s index of leading economic indicators to rise 101.0 last

month.

• Japan’s CSPI fell to a seasonally adjusted annual rate of 0.3%, from

0.5% in the preceding month. Analysts had expected Japan’s CSPI to

remain unchanged at 0.5% last month.

• U.S. new home sales rose to a seasonally adjusted annual rate of

592K, from 563K in the preceding month.

ASHOKLEY

Going forward, We assume that the upcoming emission norms BS-IV to BS-VI, focus towards the export markets, improvement in demand

from infrastructure segment, diminution of investments in subsidiaries will help the company to focus on its commercial vehicle business

and government's initiative to develop defence products in the country can be volume boosters for the company in FY17. The current

demonetization issue has impacted the transport sector most because a lot of transactions happen through cash. The sales may be down

by 10-12% for next couple of months but we are hopeful that the situation might improve in 4QFY17 due to pre-buying during the quarter.

We expect that the company will maintain a healthy ROE of over 20% going ahead. We maintain 'BUY' looking at the huge growth potential

going ahead but considering the uncertain demand scenario we reduce our target to Rs.110.

DABUR’s 2QFY17 result was below than our expectations. Sales for second quarter grew by 1% YoY to Rs 1981 cr on the back of sluggish

growth from international business. International business has contributed approx. 34% of company’s sales in 2QFY17. International

business declined by 2.3% YoY in this quarter due to geo political disturbances in the MENA region and adverse currency impact. Lastly,

the company is getting tough competition from Patanjali. Patanjali is strong in north and west India from where Dabur gets Substantial part

(approx. 60% of its footprint) of its domestic business which is another concern for DABUR. Hence considering tepid international business

growth outlook, tough competition from Patanjali and stress in rural demand we maintain `Neutral’ rating on Dabur with no target price.

26th Dec 2016

27th Dec 2016

DABUR

Narnolia Securities Ltd

Scrip Reco Initiation Price Target 2 Stop Loss

Bajaj-Auto Buy 2620 2750 2550

F&O OPEN INTEREST ( Number of Contracts )

Individual

Nifty Movers

Foreign Institutions

NSE Sectoral Indices Performance

MARKET MOVERS (1 MONTH CHANGE)

Domestic Institutions Proprietary

TRADING IDEAS

RationalTarget 1

2735Stochastic is showing strength with good

volume. ATM & OTM CE writters are also

unwinding their postion.

Narnolia Securities Ltd

CountryMonday

26th Dec 16

Tuesday

27th Dec 16

Wednesday

28th Dec 16

Thursday

29th Dec 16

Friday

30th Dec 16

US

CB Consumer

Confidence , Richmond

Manufacturing Index ,

S&P/CS Composite-20

HPI y/y .

Pending Home Sales m/m.

Unemployment Claims , Crude

Oil Inventories , Natural Gas

Storage , Goods Trade Balance.

Chicago PMI.

UK/EURO ZONE

Current Account , Final

GDP q/q , Index of

Services 3m/3m ,

Revised Business

Investment q/q .

German Import Prices m/m

,GfK German Consumer

Climate.

Spanish Flash CPI y/y , M3

Money Supply y/y , Private

Loans y/y .

Housing Equity

Withdrawal q/q

INDIA

Economic Calendar

Narnolia Securities Ltd

Narnolia Securities Ltd201 | 2nd Floor | Marble Arch Build ing | 236B-AJC Bose

Road | Kolkata-700 020 , Ph : 033-40501500

email: narnolia@narnolia.com,

website : www.narnolia.com

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should use their own judgment for taking any investment decisions keeping in mind that

past performance is not necessarily a guide to future performance & that the the value of

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assume that NSL and /or its Group or associate Companies, their Directors, affiliates

and/or employees may have interests/ positions, financial or otherwise, individually or

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