Weekly Outlook for Nifty and major indices (29/05/2017 to 02/06/2017)

DATE: 26/05/2017
WEEKLY OUTLOOK FOR
NIFTY AND
MAJOR INDICES
(29/05/2017 - 02/06/2017)
© 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
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www.equitypandit.com

NIFTYPAGE 2
Nifty closed the week on positive note gaining around 1.80%.
As we have mentioned last week that minor support for the index lies in the zone of 9350 to
9380. Support for the index lies in the zone of 9200 to 9250 where the index had opened gap
up 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 9070 to 9130 where Fibonacci levels. During
the week the index manages to hit a low of 9341 and close the week around the levels of
9595.
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.
Resistance for the index lies in the zone of 9700 to 9730. If the index manages to close above
these levels then the index can move to the levels of 9880 to 9900.
Broad range for the week is seen from 9400 on downside & 9800 on upside.

Nifty Bank closed the week on positive note gaining around 2.60%.
As we have mentioned last week that resistance for the index lies in the zone of 22900 to
23000. If the index manages to close above these levels then the index can move to the levels
of around 23300 to 23400. During the week the index manages to hit a high of 23408 and
close the week around the levels of 23362.
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 & 23700 to 23800 on upside.
NIFTY BANK

Nifty IT index closed the week on positive note gaining around 2.70%.
10600 where trend-line resistance and Fibonacci levels for the index is lying. If the index
manages to close above these levels then the index can move to the levels of 10900 to 11000
where highs for the month of March-2017 and Fibonacci levels are lying. During the week
the index manages to hit a high of 10792 and close the week around the levels of 10735.
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 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.
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 10400 to 10500 on downside &
10900 to 11000 on upside.
NIFTY IT

Nifty FMCG index closed the week on positive note gaining around 4.70%.
24600 where Fibonacci extension is lying. If the index manages to close above these levels
then the index can move to the levels of 24900 to 25000. During the week the index
manages to hit a high of 25711 and close the week around the levels of 25507.
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.
above these levels then the index can move to the levels of 26000 to 26100 where Fibonacci
levels are lying.
Broad range for the index in the coming week is seen from 24500 to 24600 on downside &
26200 to 26300 on upside.
NIFTY FMCG

Nifty PHARMA index closed the week on negative note losing around 10.80%.
10050. Support for the index lies in the zone of 9800 to 9900 from where the index has
bounced in the month of October-2014 and November-2016. If the index manages to close
below these levels then the index can witness further free fall and virtually no support exit.
The index can drift to the levels of 9700. During the week the index manages to hit a low of
9034 and close the week around the levels of 9060.
The index is in a freefall 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 8400 to 8450 on downside & 9300 to 9350 on upside.
NIFTY PHARMA

Nifty AUTO index closed the week on positive note gaining around 2.90%.
10500 where the index has formed a top in the month of September-2016. If the index
manages to close above these levels then the index can move to the levels of around 10650 to
10750. During the week the index manages to hit a high of 10760 and close the week around
the levels of 10712.
the zone of 10150 to 10250 from where the index broke out of February-2017, 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 9900 to 9950 where medium term moving averages are lying.
above these levels then the index can move to the levels of around 11000 to 11100 where
Fibonacci levels are lying.
Broad range for the index is seen from 10300 to 10400 on downside & 11000 to 11100 on
upside.
NIFTY AUTO

Nifty ENERGY 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 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. During the week the
index manages to hit a low of 11496 and close the week around the levels of 11858.
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 11500 to 11550 on downside & 12200 to 12300
on upside.
NIFTY ENERGY

Nifty METAL index closed the week on positive note gaining around 1.90%.
2900. 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 2841 and close the week around the levels of 2997.
Minor support for the index lies in the zone of 2900 to 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.
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
from where the index has broken down in the month of April-2017.
Broad range for the index is seen between 2900 to 2930 on downside & 3100 to 3130 on
upside.
NIFTY METAL

Nifty PSU BANK index closed the week on negative note losing around 6.00%.
3730. Support for the index lies in the zone of 3590 to 3620 where break out levels are lying.
If the index manages to close below these levels then the index can drift to the levels of 3470
to 3510 from where the index broke out of double top pattern and Fibonacci level is lying.
During the week the index manages to hit a low of 3449 and close the week around the levels
of 3539.
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
levels then the index can drift to the levels of 3350 to 3380 where medium term moving
averages are lying.
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 levels then the index can move to the
levels of 3980 to 4000.
upside.
NIFTY PSU BANK

Nifty REALTY index closed the week on negative note losing around 3.20%.
As we have mentioned last week that minor resistance for the index lies in the zone of 267 to
268. Resistance for the index lies in the zone of 272 to 273. If the index manages to close
above these levels then the index can move to the levels of 280 to 282. During the week the
index manages to hit a high of 269 and close the week around the levels of 256.
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.
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
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 negative note losing around 1.50%.
As we have mentioned last week that minor resistance for the index lies in the zone of 3160
to 3200. Resistance for the index lies in the zone of 3250 to 3300 where the index has made a
double top pattern and Fibonacci extension is lying. If the index manages to close above
these levels then the index can move to the levels of 3390 to 3420. During the week the index
manages to hit a high of 3160 and close the week around the levels of 3089.
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.
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 Fibonacci extension is lying.
upside.
NIFTY MEDIA

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