Weekly Outlook for Nifty and major indices (05/06/2017 to 09/06/2017)

DATE: 02/06/2017
WEEKLY OUTLOOK FOR
NIFTY AND
MAJOR INDICES
(05/06/2017 - 09/06/2017)
© 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 0.60%.
As we have mentioned last week that minor support for the index lies in the zone of 9500 to
9520. Support for the index lies in the zone of 9350 to 9400 where break out levels for the
index is lying. If the index manages to close below these levels then the index can drift to the
levels of 9200 to 9250 where short term moving averages are lying. During the week the in-
dex manages to hit a low of 9548 and close the week around the levels of 9653.
Minor support for the index lies in the zone of 9550 to 9600. Support for the index lies in the
zone of 9350 to 9400 where break out levels for the index is lying. If the index manages to
close below these levels then the index can drift to the levels of 9200 to 9250 where break
out gap for the index is lying.
Resistance for the index lies in the zone of 9730 to 9750. If the index manages to close above
these levels then the index can move to the levels of 9880 to 9900.
On 07/06/2017 Wednesday the RBI will be concluding the two day Policy meet. So the index
can witness some volatility.
Broad range for the week is seen from 9450 on downside & 9850 on upside.

Nifty Bank closed the week on absolutely flat note.
23100. Support for the index lies in the zone of 22400 to 22500 where Fibonacci levels and
support for the index is lying. If the index manages to close below these levels then the index
can drift to the levels of 22000 to 22100 where short term moving averages and break out
levels for the index is lying. During the week the index manages to hit a low of 23092 and
close the week around the levels of 23310.
Minor support for the index lies in the zone of 23000 to 23100. Support for the index lies in
the zone of 22400 to 22500 where Fibonacci levels and support for the index is lying. If the
index manages to close below these levels then the index can drift to the levels of 22000 to
22100 where short term moving averages and break out levels for the index is lying.
Resistance for the index lies in the zone of 23450 to 23500. If the index manages to close
above these levels then the index can move to the levels of around 23700 to 23800 where
Fibonacci levels are lying.
Range for the week is seen from 22700 to 22800 on downside & 23800 to 23900 on upside.
NIFTY BANK

Nifty IT index closed the week on negative note losing around 1.20%.
As we have mentioned last week that support for the index lies in the zone of 10550 to
10600 where trend-line support and Fibonacci levels for the index is lying. If the index man-
ages to close below these levels then the index can drift to the levels of 10300 to 10400
where short & long term moving averages are lying. During the week the index manages to
hit a low of 10467 and close the week around the levels of 10609.
Support for the index lies in the zone of 10500 to 10600 where trend-line support and Fibo-
nacci levels for the index is lying. If the index manages to close below these levels then the
index can drift to the levels of 10300 to 10400 where short & long term moving averages are
lying.
Minor resistance for the index lies in the zone of 10700 to 10750. Resistance for the index
lies in the zone of 10900 to 11000 where highs for the month of March-2017 and Fibonacci
levels are lying. If the index manages to close above these levels then the index can move to
the levels of 11300 to 11400 from where the index sold off in the month of August-2016.
Broad range for the index in the coming week is seen from 10300 to 10400 on downside &
10900 to 11000 on upside.
NIFTY IT

Nifty FMCG index closed the week on positive note gaining around 3.50%.
25300. Support for the index lies in the zone of 24600 to 24700 where Fibonacci levels are
lying. If the index manages to close below these levels then the index can drift to the levels of
23800 to 24000 where break out levels and short term moving averages are lying. During
the week the index manages to hit a low of 25264 and close the week around the levels of
26401.
the zone of 25400 to 25500 where Fibonacci levels are lying. If the index manages to close
below these levels then the index can drift to the levels of 24500 to 24600 where break out
levels are lying.
Resistance for the index lies in the zone of 26600 to 26700. If the index manages to close
above these levels then the index can move to the levels of 27200 to 27400 where Fibonacci
levels are lying.
Broad range for the index in the coming week is seen from 25400 to 25500 on downside &
27300 to 27400 on upside.
NIFTY FMCG

Nifty PHARMA index closed the week on positive note gaining around 2.10%.
As we have mentioned last week that resistance for the index is lying in the zone of 9200 to
9250 where Fibonacci levels are lying. If the index manages to close above these levels then
the index can move to the levels of 9400 to 9450. During the week the index manages to hit a
high of 9293 and close the week around the levels of 9255.
zone of 8600 to 8650 where the index has formed a short term bottom. The index is in a free-
fall and no support levels are holding. The index can drift to the levels of 8000 to 8100 where
long term Fibonacci levels are lying.
Resistance for the index is lying in the zone of 9200 to 9250 where Fibonacci levels are lying.
If the index manages to close above these levels then the index can move to the levels of
9400 to 9450.
Broad range for the index is seen from 9000 to 9050 on downside & 9400 to 9450 on upside.
NIFTY PHARMA

Nifty AUTO index closed the week on positive note gaining around 2.10%.
As we have mentioned last week that resistance for the index lies in the zone of 10800 to
10850. If the index manages to close above these levels then the index can move to the levels
of around 11000 to 11100 where Fibonacci levels are lying. During the week the index man-
ages to hit a high of 10993 and close the week around the levels of 10942.
the zone of 10600 to 10650 where break out levels for the index is lying. If the index man-
ages to close below these levels then the index can drift to the levels of 10300 to 10400
where Fibonacci levels are lying.
Resistance for the index lies in the zone of 11000 to 11100 where Fibonacci levels are lying.
If the index manages to close above these levels then the index can move to the levels of
around 11250 to 11300.
Broad range for the index is seen from 10500 to 10600 on downside & 11300 to 11400 on
upside.
NIFTY AUTO

Nifty ENERGY index closed the week on negative note losing around 0.90%.
As we have mentioned last week that minor resistance for the index lies in the zone of 11900
to 12000. Resistance for the index lies in the zone of 12150 to 12200 where Fibonacci levels
is lying. If the index manages to close above these levels then the index can move to the lev-
els of around 12450 to 12500 where the index has formed a short term top. During the week
the index manages to hit a high of 12021 and close the week around the levels of 11758.
Support for the index lies in the zone of 11600 to 11700 where Fibonacci level and highs for
the month of February-2017 & March-2017 is lying. If the index manages to close below
these levels then the index can drift to the levels of around 11200 to 11300 where long term
break out levels are lying.
Minor resistance for the index lies in the zone of 11900 to 12000. Resistance for the index
lies in the zone of 12150 to 12200 where Fibonacci levels is lying. If the index manages to
close above these levels then the index can move to the levels of around 12450 to 12500
where the index has formed a short term top.
Broad range for the index is seen between 11400 to 11450 on downside & 12000 to 12100
on upside.
NIFTY ENERGY

Nifty METAL index closed the week on negative note losing around 2.50%.
2930. Support for the index lies in the zone of 2820 to 2840 where short term bottom and
200 Daily moving averages are lying. If the index manages to close below these levels then
the index can drift to the levels of 2750 to 2780 where Fibonacci levels are lying. During the
week the index manages to hit a low of 2908 and close the week around the levels of 2923.
zone of 2820 to 2840 where short term bottom and 200 Daily moving averages are lying. If
the index manages to close below these levels then the index can drift to the levels of 2750 to
2780 where Fibonacci levels are lying.
Resistance for the index lies in the zone of 2990 to 3020 from where the index broke down
after consolidation and short & medium term moving averages are lying. If the index man-
ages to close above these levels then the index can move to the levels of 3070 to 3100 from
where the index has broken down in the month of April-2017.
Broad range for the index is seen between 2800 to 2830 on downside & 3050 to 3080 on up-
side.
NIFTY METAL

Nifty PSU BANK index closed the week on negative note losing around 0.30%.
As we have mentioned last week that minor resistance for the index lies in the zone of 3590
to 3620. Resistance for the index lies in the zone of 3780 to 3820 from where the index sold
off in the month of April-2015 & August-2015. If the index manages to close above these lev-
els then the index can move to the levels of 3980 to 4000. During the week the index man-
ages to hit a high of 3567 and close the week around the levels of 3527.
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 index manages to close below these lev-
els then the index can drift to the levels of 3350 to 3380 where medium term moving aver-
ages are lying.
Minor resistance for the index lies in the zone of 3570 to 3590. Resistance for the index lies
in the zone of 3650 to 3680. Resistance for the index lies in the zone of 3780 to 3820 from
where the index sold off in the month of April-2015 & August-2015. If the index manages to
close above these levels then the index can move to the levels of 3980 to 4000.
side.
NIFTY PSU BANK

Nifty REALTY 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 250 to 252
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 246 to 248 where declining trend-line support for the
index is lying. During the week the index manages to hit a low of 241 and close the week
around the levels of 254.
Support for the index lies in the zone of 250 to 252 where the index has taken multiple sup-
port. If the index manages to close below these levels then the index can drift to the levels of
246 to 248 where declining trend-line support for the index is lying.
Minor resistance for the index lies in the zone of 260 to 262. Resistance for the index lies in
the zone of 266 to 268 from where the index broke down on intraday basis. If the index man-
ages to close above these levels then the index can move to the levels of 274 to 276 where
the index has formed a top in the month of May-2017.
Broad range for the index is seen between 245 to 247 on downside & 266 to 268 on upside.
NIFTY REALTY

Nifty Media index closed the week on positive note gaining around 0.70%.
As we have mentioned last week that support for the index lies in the zone of 3020 to 3040
from where the index broke out of February-2017 highs and medium term moving averages
are lying. If the index manages to close below these levels then the index can drift to the levels
of 2900 to 2920 where Fibonacci levels and 200 Daily moving averages are lying. During the
week the index manages to hit a low of 3034 and close the week around the levels of 3109.
zone of 3020 to 3040 from where the index broke out of February-2017 highs and medium
term moving averages are lying. If the index manages to close below these levels then the in-
dex can drift to the levels of 2900 to 2920 where Fibonacci levels and 200 Daily moving aver-
ages are lying.
Minor resistance for the index lies in the zone of 3100 to 3120. Resistance for the index lies in
the zone of 3160 to 3200 from where the index broke down on intraday basis 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 3250 to 3300 where the index has made a double top pattern and Fibo-
nacci extension is lying.
side.
NIFTY MEDIA

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