Weekly Outlook for Nifty and major indices (07/08/2017 to 11/08/2017)

DATE: 04/08/2017
WEEKLY OUTLOOK FOR NIFTY
AND
MAJOR INDICES
(07/08/2017 - 11/08/2017)
© 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
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www.equitypandit.com

NIFTYPAGE 2
Nifty closed the week on positive note gaining around 0.50%.
As we have mentioned last week that resistance for the index lies in the zone of 10050 to
10100 where Fibonacci levels and channel resistance for the index is lying. If the index
manages to close above these levels then the index can move to the levels of 10400 to 10500.
During the week the index manages to hit a high of 10138 and close the week around the
levels of 10066.
Minor support for the index lies in the zone of 9980 to 10020. Support for the index lies in
the zone of 9900 to 9930 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 9700 to 9740 from where
the index broke out of June-2017 highs and short term moving averages are lying.
Resistance for the index lies in the zone of 10100 to 10150 where channel resistance for the
index is lying. If the index manages to close above these levels then the index can move to the
levels of 10400 to 10500.
Broad range for the week is seen from 9700 on downside & 10400 on upside.

Nifty Bank closed the week on absolutely flat note.
As we have mentioned, last week that minor support for the index lies in the zone of 24500
to 24600. Support for the index lies in the zone of 23800 to 23900 from where the index
broke out of June-2017 highs and short term moving averages are lying. If the index manages
to close below these levels then the index can drift to the levels of 23300 to 23400 where
break out levels for the index is lying. During the week the index manages to hit a low of
24592 and close the week around the levels of 24827.
Minor support for the index lies in the zone of 24500 to 24600. Support for the index lies in
the zone of 23800 to 23900 from where the index broke out of June-2017 highs and short
term moving averages are lying. If the index manages to close below these levels then the
index can drift to the levels of 23300 to 23400 where break out levels for the index is lying.
The index is trading at life time highs so virtually no resistance is visible. Resistance for the
index lies in the zone of 25000 to 25100. If the index manages to close above these levels
then the index can move to the levels of 25300 to 25400 where channel resistance for the
index is lying.
Range for the week is seen from 24000 to 24100 on downside & 25400 to 25500 on upside.
NIFTY BANK

Nifty IT index closed the week on positive note gaining around 0.50%.
As we have mentioned last week, that support for the index lies in the zone of 10500 to
10600 where trend-line support and Fibonacci 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 and Fibonacci levels are lying. During the week
the index manages to hit a low of 10638 and close the week around the levels of 10758.
Support for the index lies in the zone of 10500 to 10600 where trend-line support and
Fibonacci 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
and Fibonacci levels are lying.
Minor resistance for the index lies in the zone of 10700 to 10900. Resistance for the index
lies in the zone of 11000 to 11050 where the index has formed a top in the month of June-
2017. If the index manages to close above these levels then the index can move to the levels
of 11200 to 11300 where the index has formed a top in the month of August-2016.
Broad range for the index in the coming week is seen from 10400 to 10500 on downside &
11000 to 11100 on upside.
NIFTY IT

Nifty FMCG index closed the week on negative note losing around 1.80%.
As we have mentioned last week, that minor support for the index lies in the zone of 25700
to 25800. Support for the index lies in 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
24600 to 24700 where Fibonacci levels and medium term moving averages are lying. During
the week the index manages to hit a low of 25336 and close the week around the levels of
25551.
Support for the index lies in 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 24600
to 24700 where Fibonacci levels and medium term moving averages are lying.
Minor resistance for the index lies in the zone of 25750 to 25800. Resistance for the index
lies in the zone of 26150 to 26250 where Fibonacci levels 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 27000 to 27100 from where the index opened gap down.
Broad range for the index in the coming week is seen from 24600 to 24800 on downside &
26400 to 26500 on upside.
NIFTY FMCG

Nifty PHARMA index closed the week on negative note losing around 4.30%.
As we have mentioned last week, that minor resistance for the index lies in the zone of 9700
to 9750. Resistance for the index lies in the zone of 9900 to 9950 where medium term
moving averages are lying. If the index manages to close above these levels then the index
can move to the levels of 10200 to 10300 where Fibonacci levels and 200 daily moving
averages are lying. During the week the index manages to hit a high of 9708 and close the
week around the levels of 9257.
Support for the index lies in the zone of 9170 to 9230 where Fibonacci levels are lying. If the
index manages to close below these levels then the index can drift to the levels of 8600 to
8650 where the index has formed a bottom in the month of May-2017.
Resistance for the index lies in the zone of 9350 to 9400 from where the index broke down. If
the index manages to close above these levels then the index can move to the levels of 9600
to 9650 where short term moving averages are lying.
Broad range for the index is seen from 9000 to 9050 on downside & 9500 to 9550 on upside.
NIFTY PHARMA

Nifty AUTO index closed the week on positive note gaining around 1.90%.
As we have mentioned last week, that 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. During the week the index
manages to hit a high of 11201 and close the week around the levels of 11138.
Support for the index lies in the zone of 11000 to 11050 from where the index broke out of
June-2017 and July-2017 highs and Fibonacci levels are lying. If the index manages to close
below these levels then the index can drift to the levels of 10800 to 10850 where short term
moving averages are lying.
Resistance for the index lies in the zone of 11150 to 11200 where channel resistance for the
index is lying. If the index manages to close below these levels then the index can move to the
levels of 11500 to 11600 where Fibonacci levels are lying.
Broad range for the index is seen from 10800 to 10900 on downside & 11300 to 11400 on
upside.
NIFTY AUTO

Nifty ENERGY index closed the week on positive note gaining around 4.20%.
As we have mentioned last week that the index is trading at all time highs so virtually no
resistance is visible. Resistance for the index lies in the zone of 12800 to 12850. If the index
manages to close above these levels then the index can move to the levels of 13000. During
the week the index manages to hit a high of 13242 and close the week around the levels of
13204.
Support for the index lies in the zone of 12800 to 12900 from where the index broke out of
July-2017 highs. If the index manages to close below these levels then the index can drift to
the levels of 12500 to 12600 from where the index broke out of April-2017 highs and
Fibonacci levels are lying.
The index is trading at all time highs so virtually no resistance is visible. Resistance for the
index lies in the zone of 13200 to 13250. If the index manages to close above these levels
then the index can move to the levels of 13500 to 13600.
Broad range for the index is seen between 12900 to 13000 on downside & 13500 to 13600
on upside.
NIFTY ENERGY

Nifty METAL index closed the week on positive note gaining around 3.00%.
As we have mentioned last week, that resistance for the index lies in the zone of 3200 to
3230 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 3300 to 3325. During the
week the index manages to hit a high of 3310 and close the week around the levels of 3302.
Minor support for the index lies in the zone of 3250 to 3270. Support for the index lies in the
zone of 3200 to 3230 from where the index broke out of March-2017 highs. If the index
manages to close below these levels then the index can drift to the levels of 3050 to 3100
where break out levels for the index is lying and short term moving averages are lying.
Resistance for the index lies in the zone of 3330 to 3350. If the index manages to close above
these levels then the index can move to the levels of 3500 to 3550 where life time highs for
the index is lying.
Broad range for the index is seen between 3200 to 3230 on downside & 3400 to 3450 on
upside.
NIFTY METAL

Nifty PSU BANK index closed the week on positive note gaining around 0.30%.
As we have mentioned last week, that minor support for the index lies in the zone of 3530 to
3550. Support for the index lies in the zone of 3450 to 3470 where Fibonacci levels and short
& medium term moving averages are lying. If the index manages to close below these levels
then the index can drift to the levels of 3320 to 3350 where 200 daily moving averages are
lying. During the week the index manages to hit a low of 3520 and close the week around the
levels of 3602.
zone of 3450 to 3470 where Fibonacci levels and short & medium term moving averages are
lying. If the index manages to close below these levels then the index can drift to the levels of
3320 to 3350 where 200 daily moving averages are lying.
Minor resistance for the index lies in the zone of 3630 to 3650. Resistance for the index lies
in the zone of 3680 to 3700 from where the index broke down in the month of May-2017. If
to 3850 where the index has formed a top in the month of May-2017.
upside.
NIFTY PSU BANK

Nifty REALTY index closed the week on negative note losing around 0.20%.
As we have mentioned last week, that resistance for the index lies in the zone of 280 to 282.
If the index manages to close above these levels then the index can move to the levels of 290
to 292 where long term Fibonacci levels are lying. During the week the index manages to hit
a high of 285 and close the week around the levels of 281.
zone of 275 to 277 from where the index broke out of May-2017 and June-2017 highs. If the
index manages to close below these levels then the index can drift to the levels of 266 to 268
where break out levels for the index and short term moving averages are lying.
Resistance for the index lies in the zone of 280 to 282. If the index manages to close above
these levels then the index can move to the levels of 290 to 292 where long term Fibonacci
levels are lying.
Broad range for the index is seen between 270 to 272 on downside & 290 to 292 on upside.
NIFTY REALTY

Nifty Media index closed the week on negative note losing around 0.50%.
As we have mentioned last week that minor support for the index lies in the zone of 3080 to
3100. Support for the index lies in the zone of 3000 to 3030 from where the index broke out.
If the index manages to close below these levels then the index can drift to the levels of 2910
to 2940 where Fibonacci levels and 200 Daily moving averages are lying. During the week
the index manages to hit a low of 3080 and close the week around the levels of 3092.
Minor support for the index lies in the zone of 3080 to 3100 where short term moving
averages are lying. Support for the index lies in the zone of 3000 to 3030 from where the
index broke out. If the index manages to close below these levels then the index can drift to
the levels of 2910 to 2940 where Fibonacci levels and 200 Daily moving averages are lying.
Resistance for the index lies in the zone of 3140 to 3160 where Fibonacci levels are lying. If
to 3300 where the index has made a double top pattern and Fibonacci level is lying.
upside.
NIFTY MEDIA

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