Weekly Outlook for Nifty and major indices (February 04, 2017 - February 10, 2017)

DATE: 03/02/2017
WEEKLY OUTLOOK FOR
NIFTY AND
MAJOR INDICES
(06/02/2017 - 10/02/2017)
© 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.
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Surat - 395009
Gujarat
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NIFTYPAGE 2
Nifty ended the week on positive note gaining around 1.20%.
As we have mentioned last week that resistance for the index lies in the zone of 8680 to 8720
from where the index sold off in the month of October-2016. If the index manages to close above
these levels then the index can move to the levels of 8880 to 8920. During the week the index
manages to hit a high of 8758 and close the week around the levels of 8741.
Minor support for the index lies in the zone of 8650 to 8680. Support for the index lies in the
zone of 8460 to 8510 where Fibonacci levels are lying. If the index manages to close below these
levels then the index can drift of 8280 to 8320 from where the index broke out of the declining
trend-line and 200 Daily SMA is lying. If the index manages to close below these levels then the
index can drift to the levels of 8100 to 8150 where Fibonacci levels and highs of December-2016
are lying.
Minor resistance for the index lies in the zone of 8800 to 8820. Resistance for the index lies in the
zone of 8900 to 8950 where the index had made 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 9050 to 9100
where life time highs for the index is lying.
Broad range for the week is seen from 8500 on downside to 9000 on upside.

Nifty Bank ended the week on positive note gaining around 2.50%.
where trend-line joining highs of September-2016 and November-2016 is lying. If the index man-
ages to close above these levels then the index can move to the levels of 20600 to 20700 where
the index was top out in the month of September-2016. During the week the index manages to
hit a high of 20230 and close the week around the levels of 20197.
zone of 19300 to 19400 from where the index broke out. If the index manages to close below
these levels then the index can drift to the levels of 18900 to 19000 where Fibonacci levels are
lying.
Resistance for the index lies in the zone of 20600 to 20700 where the index was top out in the
month of September-2016. If the index manages to close above these levels then the index can
move to the levels of 20900 to 21000 where the index had made a life time highs.
Range for the week is seen from 19500 to 19600 on downside to 20600 to 20700 on upside.
NIFTY BANK

Nifty IT index ended the week on negative note losing around 1.50%.
As we have mentioned last week that support for the index lies in the zone of 10000 to 10100
where short term moving averages are lying and Fibonacci level are lying. If the index manages
to close below these levels then the index can drift to the levels of 9700 to 9750 where the index
has formed a bottom in the month of December-2016. During the week the index manages to hit
a low of 9592 and close the week around the levels of 10026.
Support for the index lies in the zone of 9900 to 10000 where Fibonacci level are lying. If the in-
dex manages to close below these levels then the index can drift to the levels of 9700 to 9750
where the index has formed a bottom in the month of December-2016.
Minor resistance for the index lies in the zone of 10100 to 10200. Resistance for the index lies in
the zone of 10500 to 10600 from where the index has broken down from the double bottom pat-
tern and 200 Daily SMA is lying. If the index manages to close above these levels then the index
can move to the levels of 10700 to 10800 where trend-line joining earlier highs is lying.
Broad range for the index in the coming week is seen from 9800 to 9850 on downside to 10300
to 10350 on upside.
NIFTY IT

Nifty FMCG index closed the week on positive note gaining around 3.90%.
from where the index sold off and Fibonacci level is lying. If the index manages to close above
these levels then the index can move to the levels of 22100 to 22300 from where the index sold
off in the month of November-2016. During the week the index manages to hit a high of 22980
and close the week around the levels of 22645.
Minor support for the index lies in the zone of 22250 to 22350 from where the index broke out
on intraday basis. Support for the index lies in the zone of 21900 to 22000 where Fibonacci lev-
els are lying. If the index manages to close below these levels then the index can drift to the levels
of 21200 to 21300 where 200 Daily SMA is lying.
Minor resistance for the index lies in the zone of 22800 to 22900. Resistance for the index lies in
the zone of 23200 to 23300 where life time highs and trend-line joining earlier highs is lying.
Broad range for the index in the coming week is seen from 21500 to 21700 on downside to
23200 to 23300 on upside.
NIFTY FMCG

Nifty PHARMA index closed the week on positive note gaining around 1.80%.
where the index has broken out on intraday basis. If the index manages to close below these lev-
els then the index can drift to the levels of 9800 to 10000 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 10066 and close the week around the levels of 10555.
Support for the index lies in the zone of 10250 to 10350 where the index has broken out on in-
traday basis. If the index manages to close below these levels then the index can drift to the lev-
els of 9800 to 10000 from where the index has bounced in the month of October-2014 and No-
vember-2016.
Resistance for the index lies in the zone of 10450 to 10550 from where the index has broken
down on intraday basis. If the index manages to close above these levels then the index can move
to the levels of 10700 to 10800 where Fibonacci level is lying. Above these levels the index can
move to the levels of 11000 to 11200 where 200 Daily SMA is lying.
Broad range for the index is seen from 10100 to 10200 on downside to 10900 to 11000 on up-
side.
NIFTY PHARMA

Nifty AUTO index closed the week on negative note losing around 0.40%.
As we have mentioned last week that support for the index lies in the zone of 9750 to 9800 from
where the index broke out on intraday basis. If the index manages to close below these levels
then the index can drift to the levels of 9550 to 9600 where Fibonacci level is lying. During the
week the index manages to hit a low of 9822 and close the week around the levels of 9975.
Support for the index lies in the zone of 9750 to 9800 from where the index broke out on intra-
day basis. If the index manages to close below these levels then the index can drift to the levels of
9550 to 9600 where Fibonacci level is lying.
Resistance for the index lies in the zone of 10000 to 10100 from where the index sold off in the
month of November-2016. If the index manages to close above these levels then the index can
move to the levels of 10250 to 10350 where trend-line joining highs of September-2016 and Oc-
tober-2016 is lying. If the index manages to close above these levels then the index can move to
the levels of 10450 to 10500 where the index was top out in the month of September-2016.
Broad range for the index is seen from 9650 to 9700 on downside to 10350 to 10400 on upside.
NIFTY AUTO

Nifty ENERGY index closed the week on negative note losing around 0.30%.
from where the index broke out of June-2014 highs. If the index manages to close below these
levels then the index can drift to the levels of 10500 to 10550 from where the index broke out on
intraday basis. During the week the index manages to hit a low of 10650 and close the week
around the levels of 10708.
Support for the index lies in the zone of 10650 to 10700 from where the index broke out of June-
2014 highs. If the index manages to close below these levels then the index can drift to the levels
of 10500 to 10550 from where the index broke out on intraday basis.
The index is trading at the life time highs so virtually no resistance is lying. Resistance for the in-
dex lies in the zone of 10900 to 11000.
Broad range for the index is seen between 10400 to 10450 on downside to 10950 to 11000 on
upside.
NIFTY ENERGY

Nifty METAL index closed the week on positive note gaining around 0.60%.
zone of 2850 to 2900 from where the index broke out from double top pattern. If the index man-
ages to close below these levels then the index can drift to the levels of 2700 to 2750 where me-
dium term moving averages and Fibonacci levels are lying.
Minor resistance for the index lies in the zone of 3180 to 3200. Resistance for the index lies in the
zone of 3330 to 3370 from where the index sold off in the month of August-2014. If the index
manages to close above these levels then the index can move to the levels of 3500 to 3550 where
the index has formed a top in the month of June-2014.
Broad range for the index is seen between 2970 to 3000 on downside to 3280 to 3300 on upside.
NIFTY METAL

Nifty PSU BANK index closed the week on positive note gaining around 6.50%.
zone of 3250 to 3300 from where the index broke out from Inverse H & S pattern. If the index
manages to close below these levels then the index can drift to the levels of 3130 to 3170 where
medium term moving averages and Fibonacci levels are lying.
Minor resistance for the index lies in the zone of 3470 to 3500 where weekly Fibonacci levels are
lying. Resistance for the index lies in the zone of 3750 to 3800 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 3950 to 4000.
NIFTY PSU BANK

Nifty REALTY index closed the week on positive note gaining around 5.00%.
Minor support for the index lies in the zone of 186 to 188. Support for the index lies in the zone
of 183 to 185 from where the index broke out from double top pattern. If the index manages to
close below these levels then the index can drift to the levels of 174 to 176 where the index has
taken multiple support in the month of January-2017.
Resistance for the index lies in the zone of 194 to 195 where the index has broken down from
double bottom pattern and also gap has been created on gap down opening on 09-11-2016. If the
index manages to close above these levels then the index can move to the levels of 205 to 210
from where the index sold off in the month of November-2016.
NIFTY REALTY

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Disclaimer:
The recommendations made herein do not constitute an offer to sell or a solicitation to buy any of the securities
mentioned. No representations can be made that the recommendations contained herein will be profitable or
that they will not result in losses. Readers using the information contained herein are solely responsible for
their actions. Information is obtained from sources deemed to be reliable but is not guaranteed as to accuracy
and completeness. Minimum amount mentioned here depends upon stock prices and market conditions and
will vary accordingly.

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Weekly Outlook for Nifty and major indices (February 04, 2017 - February 10, 2017)

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