Weekly Outlook for Nifty and major indices (January 02, 2017 - January 06, 2017)

DATE: 30/12/2016
WEEKLY OUTLOOK FOR
NIFTY AND
MAJOR INDICES
(02/01/2017 - 06/01/2017)
© 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 ended the week on positive note gaining around 2.50%.
As we have mentioned last week that support for the index lies in the zone of 7900 to 8000 levels
from where the index has bounced couple of times in recent past and this range is the strong
support zone for the index. If the index breaks below these levels on closing basis for couple of
days then the index can drift to the levels of around 7500 to 7700. During the week the index
manages to hit a low of 7894 and close the week around the levels of 8186.
Minor support for the index lies in the zone of 8080 to 8120. Support for the index lies in the
zone of 7900 to 8000 levels from where the index has bounced couple of times in recent past and
this range is the strong support zone for the index. If the index breaks below these levels on clos-
ing basis for couple of days then the index can drift to the levels of around 7500 to 7700.
Resistance for the index lies in the zone of 8250 to 8300 where the index has form a right shoul-
der of the H & S pattern and medium & long term moving averages are lying. If the index man-
ages to close above these levels then the index can move to the levels of 8450 to 8500 where
neckline of the H & S pattern of 8500 to 8900 is lying.
Broad range for the week is seen from 8000 on downside to 8400 on upside.

Nifty Bank ended the week on positive note gaining around 1.60%.
As we have mentioned last week that support for the index lies in the zone of 17700 to 17800
where long term moving averages are lying. Below these levels the index can drift to the levels of
17000 from where the index has bounced on Brexit day. During the week the index manages to
hit a low of 17607 and close the week around the levels of 18177.
zone of 17700 to 17800 where long term moving averages are lying. Below these levels the index
can drift to the levels of 17000 from where the index has bounced on Brexit day.
Resistance for the index lies in the zone of 18500 to 18600 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 18900 to 19000 from where the index was broken down after consolidation.
Range for the week is seen from 17600 to 17700 on downside to 18500 to 18600 on upside.
NIFTY BANK

Nifty IT index ended the week on positive note gaining around 3.30%.
As we have mentioned last week that minor support for the index lies in the zone of 10000 to
10050 from where the index has broken out on intraday basis. Support for the index lies in the
zone of 9700 to 9800 from where the index broke out of consolidation. If the index manages to
close below these levels then the index can drift to the levels of 9300 to 9400 where trend-line
joining the lows of April-2015, July-2015 and February-2016 is lying. During the week the index
manages to hit a low of 9980 and close the week around the levels of 10399.
zone of 10000 to 10100 where short term moving averages 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.
Resistance for the index lies in the zone of 10500 to 10600 from where the index has broken
down from the double bottom pattern. If the index manages to close above these levels then the
index can move to the levels of 10700 to 10800 where 200 Daily SMA is lying.
Broad range for the index in the coming week is seen from 10000 to 10050 on downside to
10600 to 10700 on upside.
NIFTY IT

Nifty FMCG index closed the week on positive note gaining around 5.90%.
where the index has formed a short term bottom. If the index manages to close below these lev-
els then the index can drift to the levels of 19000 to 19100 where the index has taken support in
the month of March-2016 and May-2016. During the week the index manages to hit a low of
19457 and close the week around the levels of 20754.
zone of 20000 to 20100 from where the index has broken out on intraday basis. If the index man-
ages to close below these levels then the index can drift to the levels of 19500 to 19600 where
the index has formed a double bottom pattern.
Resistance for the index lies in the zone of 20800 to 21000 where 200 Daily SMA is lying. If the
index manages to close above these levels then the index can move to the levels of 21300 to
21500 from where the index has sold off in the month of November-2016.
Broad range for the index in the coming week is seen from 19800 to 20000 on downside to
21300 to 21500 on upside.
NIFTY FMCG

Nifty PHARMA index closed the week on positive note gaining around 1.10%.
from where the index has bounced in the month of October-2014 and November-2016. The in-
dex has been trading very weak and virtually no support for the index is visible. If the index
manages to close below these levels then the index can drift to the levels of 9500. During the
week the index manages to hit a low of 9870 and close the week around the levels of 10267.
Support for the index lies in the zone of 9800 to 10000 from where the index has bounced in the
month of October-2014 and November-2016. The index has been trading very weak and virtually
no support for the index is visible. If the index manages to close below these levels then the in-
dex can drift to the levels of 9500.
Resistance for the index lies in the zone of 10350 to 10500 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 medium term moving averages are lying.
Broad range for the index is seen from 9800 to 9850 on downside to 10400 to 10500 on upside.
NIFTY PHARMA

Nifty AUTO index closed the week on positive note gaining around 1.70%.
As we have mentioned last week that minor resistance for the index lies in the zone of 9050 to
9100 from where the index has broken down on intraday basis. Resistance for the index lies in
the zone of 9400 to 9500 from where the index has broken down from the multiple support zone
which was holding the index in the month of August-2016 and November-2016. During the week
the index manages to hit a high of 9172 and close the week around the levels of 9142.
Support for the index lies in the zone of 9000 to 9050 where 200 Daily SMA is lying. Support for
the index lies in the zone of 8800 to 8850 from where the index has bounced couple of times in
the month of December-2016. If the index manages to close below these levels then the index can
drift to the levels of 8400 to 8500 where the index has formed a low on Brexit day.
Minor resistance for the index lies in the zone of 9250 to 9300. Resistance for the index lies in the
zone of 9400 to 9500 from where the index has broken down from the multiple support zone
which was holding the index in the month of August-2016 and November-2016. If the index man-
ages to close above these levels then the index can move to the levels of 9800 to 10000 from
where the index has broken down.
Broad range for the index is seen from 8900 to 8950 on downside to 9300 to 9350 on upside.
NIFTY AUTO

Nifty ENERGY index closed the week on positive note gaining around 2.10%.
As we have mentioned last week that minor support for the index lies in the zone of 9930 to
9960 on intraday basis. Support for the index lies in the zone of 9650 to 9700. Support for the
index lies in the zone of 9500 to 9550 from where the index has bounced in the month of Sep-
tember - 2016. If the index manages to close below these levels then the index can drift to the
levels of 8800 to 9000 from where the index has broken out of the double top pattern. During the
week the index manages to hit a low of 9915 and close the week around the levels of 10272.
zone of 9950 to 10000 where medium term moving averages are lying. If the index manages to
close below these levels then the index can drift to the levels of 9750 to 9800 where the index
has formed a bottom in the month of December-2016.
Resistance for the index lies in the zone of 10200 to 10300 where the index has made a top in the
month of October-2016. If the index manages to close above these levels then the index can move
to the levels of 10500 to 10600 where life time highs for the index is lying.
Broad range for the index is seen between 10000 to 10050 on downside to 10500 to 10600 on
upside.
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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