Weekly Outlook for Nifty and major indices (February 29, 2016 - March 04, 2016)

DATE: 26/02/2016
WEEKLY OUTLOOK FOR
NIFTY AND
MAJOR INDICES
(29/02/2016 - 04/03/2016)
© 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 ended the week on negative note losing around 2.40%.
As we have mentioned last week that resistance for the index lies in the zone of 7240 where
the index has formed a previous bottom. If the index manages to close above this levels then
the index can move to the levels of 7500 from where the index has broken down after mak-
ing the double bottom. During the week the index manages to hit a high of 7252 and sold off
to close the week around the levels of 7036.
Support for the index lies in the zone of 6950 to 7000 where the index has formed a short
term bottom. If the index manages to close below this levels then the index can drift to the
levels of 6700 where 1000 Daily SMA and 200 Weekly SMA are positioned.
Resistance for the index lies in the zone of 7240 where the index has formed a previous bot-
tom. If the index manages to close above this levels then the index can move to the levels of
7500 from where the index has broken down after making the double bottom.
The index is positioned around the trend-line support which is holding the index in every
correction since February - 2015. If the index can hold this levels and if the global turmoil
settles then the index can witness a significant bounce which can take the index to the levels
of 8000.
Broad range for the week is seen from 7000 on downside to 7300 on upside.

Nifty Bank ended the week on negative note losing around 3.70%.
As we have mentioned last week that major support for the index lies in the zone of 13500 to
13800 where 1000 Daily SMA, 200 Weekly SMA and trend-line joining earlier highs of 13300
(Nov - 2010) and 13400 (May - 2013) is lying. If the index closes below this levels on weekly
closing basis then the index can witness the major breakdown on long term charts. During
the week the index manages to hit a low of 13520 and bounce to close the week around the
levels of 13815.
Major support for the index lies in the zone of 13500 to 13800 where 1000 Daily SMA, 200
Weekly SMA and trend-line joining earlier highs of 13300 (Nov - 2010) and 13400 (May -
2013) is lying. If the index closes below this levels on weekly closing basis then the index can
witness the major breakdown on long term charts.
Resistance for the index lies in the zone of 14500 to 14800 where channel resistance for the
index is lying. If the index manages to close above this levels then the index can move to the
levels of 15200.
Range for the week is seen from 13500 to 13600 on downside to 14500 to 14700 on upside.
NIFTY BANK

Nifty IT index ended the week on negative note losing around 2.70%.
As we have mentioned last week that support for the index lies in the zone of 10400 from
where the index has broken out in the month of August - 2014. If the index closes below this
levels for couple of days then the index will be in a freefall and next support for the index lies
in the zone of 9500. During the week the index manages to hit a low of 10330 and close the
week around the levels of 10474.
Support for the index lies in the zone of 10400 from where the index has broken out in the
month of August - 2014. If the index closes below this levels for couple of days then the index
will be in a freefall and next support for the index lies in the zone of 9500.
The index has closed around the strong resistance zone of 10600 to 10700 from where the
index has broken down from the lows of Jan - 2016. If the index manages to close above this
levels then the index can move to the levels of 10900 to 11000 where 500 Daily SMA and
channel resistance for the index is lying.
Broad range for the index in the coming week is seen from 10200 on downside to 10800 on
upside.
NIFTY IT

Nifty FMCG index closed the week on negative note losing around 1.60%.
As we have mentioned last week that resistance for the index lies in the zone of 18600 to
18700 where trend-line joining lows on 13-10-14 and 15-06-15 is lying. If the index manages
to close above this levels then the index can move to the levels of 19400 where 500 Daily
SMA is lying. During the week the index manages to hit a high of 18672 and close the week
around the levels of 18276.
The index has closed around the strong resistance zone of 18600 to 18700 where trend-line
joining lows on 13-10-14 and 15-06-15 is lying. If the index manages to close above this lev-
els then the index can move to the levels of 19400 where 500 Daily SMA is lying.
Minor support for the index lies in the zone of 17800 to 18000 where the index has formed a
short term bottom. If the index manages close below this levels then the index can drift to the
levels of 17200 to 17500 where 1000 Daily SMA and 200 Weekly SMA is lying.
Broad range for the index in the coming week is seen from 17700 on downside to 19000 on
upside.
NIFTY FMCG

Nifty PHARMA index closed the week on negative note losing around 1.50%.
As we have mentioned last week that resistance for the index lies in the zone of 11500 where
short term moving averages are lying. If the index manages to close above this levels then the
index can move to the levels of 11800 to 12000 where a gap which was created by the index
on 09/11/2015 are positioned. During the week the index manages to hit a high of 11570
and close the week around the levels of 11175.
Support for the index lies in the zone of 11000 where channel support and 500 Daily SMA is
lying. If the index manages to close below this levels then the index can drift to the levels of
10300.
Resistance for the index lies in the zone of 11500 where short term moving averages are ly-
ing. If the index manages to close above this levels then the index can move to the levels of
11800 to 12000 where a gap which was created by the index on 09/11/2015 are positioned.
Broad range for the index is seen from 10900 to 11000 on downside to 11500 to 11700 on
upside.
NIFTY PHARMA

Nifty AUTO index closed the week on negative note losing around 3.70%.
As we have mentioned last week that the index has closed around the strong resistance zone
of 7500 to 7600 where 500 Daily SMA is lying. If the index manages to close above this levels
then the index can move to the levels of 8000 where 100 & 200 Daily SMA is lying. During the
week the index manages to hit a high of 7500 and sold off to close the week around the levels
of 7169.
Support for the index lies in the zone of 7000 to 7100 where channel support for the index is
lying. Minor support for the index lies in the zone of 6800 from where the index has bounced.
If the index closes below this levels then the index can drift to the levels of 6500.
The index has closed around the strong resistance zone of 7500 to 7600 where short term
moving averages and 500 Daily SMA is lying. If the index manages to close above this levels
then the index can move to the levels of 8000 where 100 & 200 Daily SMA is lying.
Broad range for the index is seen from 7000 to 7100 on downside to 7550 to 7650 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 support for the index lies in the zone of 7600.
Support for the index lies in the zone of 7350 where the index has made a medium term bot-
tom. If the index closes below this levels then the index can witness the free fall and no sup-
port is visible. During the week the index manages to hit a low of 7633 and close the week
around the levels of 7728.
Minor support for the index lies in the zone of 7600. Support for the index lies in the zone of
7350 where the index has made a medium term bottom. If the index closes below this levels
then the index can witness the free fall and no support is visible.
The index has closed around the strong resistance zone of 7800 from where the index has
broken down from the double bottom pattern. If the index manages to close above this levels
then the index can move to the levels of 8100 to 8200 where 100 and 1000 Daily SMA is ly-
ing.
Broad range for the index is seen between 7500 to 7550 on downside to 7900 to 7950 on up-
side.
NIFTY ENERGY

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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 29, 2016 - March 04, 2016)

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