Issue while integrating the project with new android studio installation

Question

I have installed latest android studio on another machine and trying to run my project which i was building on another machine. I am having the gradle build fail and don't know exactly what thing is causing the problem.

    apply plugin: 'com.android.application'

    android {
        compileSdkVersion 24
        buildToolsVersion "24.0.0"
    defaultConfig {
        applicationId "com.example.mudasir.login"
        minSdkVersion 16
        targetSdkVersion 24
        versionCode 1
        versionName "1.0"
        multiDexEnabled true
    }
    buildTypes {
        release {
            minifyEnabled false
            proguardFiles getDefaultProguardFile('proguard-android.txt'), 'proguard-rules.pro'
        }
    }
    packagingOptions{
        exclude'META-INF/NOTICE.txt'
        exclude'META-INF/NOTICE'
        exclude'META-INF/notice.txt'
        exclude'META-INF/LICENSE.txt'
        exclude'META-INF/LICENSE'
        exclude'META-INF/license.txt'

    }
    dexOptions{
        preDexLibraries = false
    }
}

dependencies {
    compile fileTree(dir: 'libs', include: ['*.jar'])
    testCompile 'junit:junit:4.12'
    compile 'com.android.support:appcompat-v7:24.2.0'
    compile 'com.android.support:design:24.2.0'
    compile 'com.android.support:support-v4:24.2.0'
    compile 'com.google.android.gms:play-services:9.4.0'
    compile 'com.android.support:multidex:1.0.0'

}