Weekly Outlook for Nifty and major indices (02/05/2017 to 05/05/2017)

DATE: 28/04/2017
WEEKLY OUTLOOK FOR
NIFTY AND
MAJOR INDICES
(02/05/2017 - 05/05/2017)
© EquityPandit Financial Services Pvt. Ltd. | www.equitypandit.com | info@equitypandit.com
Jagrut Shah Darpan Shah
Sr. Research Analyst Head - Research
EquityPandit Financial Services Pvt. Ltd.
305, Trinity Business Centre, L. P. Savani Road,
Surat - 395009
Gujarat
An ISO 9001:2008 Certified Company
www.equitypandit.com

NIFTYPAGE 2
Nifty closed the week on positive note gaining around 2.00%.
As we have mentioned last week that minor resistance for the index lies in the zone of 9170
to 9200. Resistance for the index lies in the zone of 9220 to 9250 from where the index sold
off on intraday basis. If the index manages to close above these levels then the index can
move to the levels of around 9300 to 9350. During the week the index manages to hit a high
of 9367 and close the week around the levels of 9304.
Minor support for the index lies in the zone of 9250 to 9270. Support for the index lies in the
zone of 9170 to 9220 from where the index has opened gap up. If the index manages to close
below these levels then the index can drift to the levels of around 9020 to 9070 where lows
for the month of April-2017 and the index has opened gap up.
Minor resistance for the index lies in the zone of 9340 to 9360. Resistance for the index lies
in the zone of 9420 to 9460 where Fibonacci extension is lying. If the index manages to close
above these levels then the index can move to the levels of 9600.
Broad range for the week is seen from 9100 on downside & 9500 on upside.

Nifty Bank closed the week on positive note gaining around 3.70%.
As we have mentioned last week that resistance for the index lies in the zone of 21700 to
21800 where the index has formed a top in the month of March-2017. If the index manages
to close above these levels then the index can move to the levels of 22100 to 22200 where
Fibonacci extension is lying. During the week the index manages to hit a high of 22383 and
close the week around the levels of 22358.
Support for the index lies in the zone of 21900 to 22000 from where the index broke out of
April-2017 highs. If the index manages to close below these levels then the index can drift to
the levels of 21400 to 21500 where the index has taken multiple support.
Resistance for the index lies in the zone of 22450 to 22550. If the index manages to close
above these levels then the index can move to the levels of around 22800 to 22900.
Range for the week is seen from 21800 to 21900 on downside & 22800 to 22900 on upside.
NIFTY BANK

Nifty IT index closed the week on negative note losing around 0.60%.
to 10130. Resistance for the index lies in the zone of 10200 to 10300 where Fibonacci level is
lying. If the index manages to close above these levels then the index can move to the levels
of 10450 to 10530 where 200 Daily moving average and Fibonacci level is lying. During the
week the index manages to hit a high of 10163 and close the week around the levels of 9944.
Support for the index lies in the zone of 9890 to 9930 where trend-line joining lows of 9295
and 9592 is lying and long term Fibonacci level is lying. If the index manages to close below
these levels then the index can drift to the levels of 9580 to 9620 levels where the index has
formed a low in the month of February-2017.
Minor resistance for the index lies in the zone of 10050 to 10100. Resistance for the index
lies in the zone of 10200 to 10300 where Fibonacci level is lying. If the index manages to
close above these levels then the index can move to the levels of 10450 to 10530 where 200
Daily moving average and Fibonacci level is lying.
Broad range for the index in the coming week is seen from 9800 to 9830 on downside &
10200 to 10250 on upside.
NIFTY IT

Nifty FMCG index closed the week on positive note gaining around 1.90%.
to 23500. Resistance for the index lies in the zone of 23750 to 23850 where the index has
posted a life time highs. If the index manages to close above these levels then the index can
move to the levels of 24250 to 24350. During the week the index manages to hit a high of
24389 and close the week around the levels of 23675.
Minor support for the index lies in the zone of 23300 to 23500. Support for the index lies in
the zone of 22900 to 23000 from where the index opened gap up. If the index manages to
close below these levels then the index can drift to the levels of 22300 to 22500 where the
index has taken multiple support.
Resistance for the index lies in the zone of 23750 to 23850 where highs for the month of
March-2017 and April-2017 is lying. If the index manages to close above these levels then the
index can move to the levels of 24500 to 24600 where Fibonacci extension is lying.
Broad range for the index in the coming week is seen from 22500 to 22600 on downside &
24500 to 24600 on upside.
NIFTY FMCG

Nifty PHARMA index closed the week on negative note losing around 0.80%.
As we have mentioned last week that support for the index lies in the zone of 10100 to
10200 where the index has taken multiple support. If the index manages to close below these
levels then the index can drift to the levels of 9800 to 9900 from where the index has
bounced in the month of October-2014 and November-2016. During the week the index
manages to hit a low of 10075 and close the week around the levels of 10121.
Support for the index lies in the zone of 10000 to 10100 where the index has taken multiple
support. If the index manages to close below these levels then the index can drift to the levels
of 9800 to 9900 from where the index has bounced in the month of October-2014 and No-
vember-2016.
Minor resistance for the index lies in the zone of 10300 to 10350. Resistance for the index
lies in the zone of 10450 to 10520 where short & medium term moving averages are lying. If
the index manages to close above these levels then the index can move to the levels of
around 10600 to 10700 where Fibonacci level is lying.
Broad range for the index is seen from 9900 to 9950 on downside & 10300 to 10350 on up-
side.
NIFTY PHARMA

Nifty AUTO index closed the week on negative note losing around 0.50%.
As we have mentioned last week that support for the index lies in the zone of 9840 to 9870
where short term moving averages are lying. If the index manages to close below these levels
then the index can drift to the levels of 9730 to 9780 where the index broke out after consoli-
dation. Below these levels the index can drift to the levels around 9650 to 9700 where me-
dium term & 200 Daily moving averages are lying. During the week the index manages to hit
a low of 9871 and close the week around the levels of 10255.
Support for the index lies in the zone of 10050 to 10100 from where the index broke out of
March-2017 and April-2017 highs. If the index manages to close below these levels then the
index can drift to the levels of around 9850 to 9900 where short term moving averages are
lying.
Resistance for the index lies in the zone of 10350 to 10380. If the index manages to close
above these levels then the index can move to the levels of around 10450 to 10500 where
the index has formed a top in the month of September-2016.
Broad range for the index is seen from 10000 to 10050 on downside & 10400 to 10450 on
upside.
NIFTY AUTO

Nifty ENERGY index closed the week on positive note gaining around 0.60%.
As we have mentioned last week that resistance for the index lies in the zone of 12150 to
12200 where Fibonacci extension is lying. If the index manages to close above these levels
then the index can move to the levels of 12400 to 12500. During the week the index manages
to hit a high of 12497 and close the week around the levels of 12264.
Support for the index lies in the zone of 12100 to 12200 where the index has taken multiple
support. If the index manages to close below these levels then the index can drift to the levels
of around 11600 to 11700 where short term moving averages and Fibonacci level is lying.
Resistance for the index lies in the zone of 12450 to 12500 where the index has formed a
short term top. If the index manages to close above these levels then the index can move to
the levels of around 12620 to 12680 where Fibonacci level is lying.
Broad range for the index is seen between 12000 to 12050 on downside & 12500 to 12550
on upside.
NIFTY ENERGY

Nifty METAL index closed the week on positive note gaining around 2.40%.
to 2970. Resistance for the index lies in the zone of 3020 to 3050 from where the index
broke down after consolidation and short term moving averages are lying. If the index man-
ages to close above these levels then the index can move to the levels of 3130 to 3150. Dur-
ing the week the index manages to hit a high of 3016 and close the week around the levels of
2974.
zone of 2880 to 2910 from where the index broke out from November-2016 and December-
2016 highs. If the index manages to close below these levels then the index can drift to the
levels of 2750 to 2800 where Fibonacci levels and 200 Daily moving averages are lying.
Resistance for the index lies in the zone of 3020 to 3050 from where the index broke down
after consolidation and short term moving averages are lying. If the index manages to close
above these levels then the index can move to the levels of 3130 to 3150.
Broad range for the index is seen between 2870 to 2900 on downside & 3100 to 3130 on up-
side.
NIFTY METAL

Nifty PSU BANK index closed the week on positive note gaining around 5.40%.
As we have mentioned last week that support for the index lies in the zone of 3470 to 3510
from where the index broke out of double top pattern and Fibonacci level is lying. If the in-
dex manages to close below these levels then the index can drift to the levels of 3370 to 3400
from where the index broke out and short term moving averages are lying. During the week
the index manages to hit a low of 3467 and close the week around the levels of 3659.
zone of 3470 to 3510 from where the index broke out of double top pattern and Fibonacci
level is lying. If the index manages to close below these levels then the index can drift to the
levels of 3370 to 3400 from where the index broke out and short term moving averages are
lying.
Minor resistance for the index lies in the zone of 3680 to 3700. Resistance for the index lies
in the zone of 3750 to 3800 from where the index sold off in the month of April-2015 & Au-
gust-2015. If the index manages to close above these levels then the index can move to the
levels of 4000 to 4050.
side.
NIFTY PSU BANK

Nifty REALTY index closed the week on negative note losing around 0.60%.
As we have mentioned last week that resistance for the index lies in the zone of 258 to 260. If
the index manages to close above these levels then the index can move to the levels of 268 to
270. During the week the index manages to hit a high of 264 and close the week around the
levels of 251.
zone of 235 to 237 where Fibonacci level is lying. If the index manages to close below these
levels then the index can drift to the levels of around 216 to 220 from where the index broke
out of August-2016 and September-2016 highs.
Resistance for the index lies in the zone of 258 to 260. If the index manages to close above
these levels then the index can move to the levels of 268 to 270.
Broad range for the index is seen between 235 to 237 on downside & 260 to 262 on upside.
NIFTY REALTY

Nifty Media index closed the week on negative note losing around 0.40%.
As we have mentioned last week that minor support for the index lies in the zone of 3210 to
3230. Support for the index lies in the zone of 3140 to 3150 from where the index broke out
of the October-2016 highs. If the index manages to close below these levels then the index
can drift to the levels of 3100 to 3110 from where the index broke out after consolidation.
During the week the index manages to hit a low of 3228 and close the week around the levels
of 3252.
zone of 3140 to 3150 from where the index broke out of the October-2016 highs. If the index
manages to close below these levels then the index can drift to the levels of 3100 to 3110
from where the index broke out after consolidation.
Resistance for the index lies in the zone of 3260 to 3280. If the index manages to close above
these levels then the index can move to the levels of 3320 to 3350 where Fibonacci extension
is lying.
side.
NIFTY MEDIA

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