Weekly Outlook for Nifty and major indices (November 28, 2016 - December 02, 2016)

DATE: 21/11/2016
WEEKLY OUTLOOK FOR
NIFTY AND
MAJOR INDICES
(28/11/2016 - 02/12/2016)
© 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.
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Surat - 395009
Gujarat
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www.equitypandit.com

NIFTYPAGE 2
Nifty ended the week on positive note gaining around 0.50%.
As we have mentioned last week that the index has closed just below the 200 Daily SMA. Support
for the index lies in the zone of 8000 to 8100 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. During the week the index manages to hit a low of 7916 and close the week around
the levels of 8114.
The index has closed just below the 200 Daily SMA. 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.
Resistance for the index lies in the zone of 8250 to 8300 where the index can form a right shoul-
der of the H & S pattern. If the index manages 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.
The index can form a H & S pattern where left shoulder is from 8000 to 8300 and Head being the
rally from 8000 to 8950 and a drop to the levels of 8000. So it may be possible that the index can
bounce from these levels of 8000 to 8300 to complete the right shoulder.
Broad range for the week is seen from 7950 on downside to 8350 on upside.

Nifty Bank ended the week on negative note losing around 2.40%.
As we have mentioned last week that the index has closed just below the levels of 19000 to
19100 where medium term moving averages are lying. Support for the index lies in the zone of
18400 to 18500 where the index has taken support in the month of July-2016 & August-2016. If
the index manages to close below these levels then the index can drift to the levels of 18000 to
18100 from where the index has bounced on 09/11/2016 and also long term moving averages
are lying. During the week the index manages to hit a low of 18215 and close the week around
the levels of 18507.
The index has closed around the support zone of 18400 to 18500 where the index has taken sup-
port in the month of July-2016 & August-2016. If the index manages to close below these levels
then the index can drift to the levels of 18000 to 18100 from where the index has bounced on
09/11/2016. If the index closes below these levels then the index can drift to the levels of 17600
to 17700 where long term moving averages are lying.
Resistance for the index lies in the zone of 18800 to 19000 from where the index has broken
down from the October lows and also medium term moving averages are lying. If the index man-
ages to close above these levels then the index can move to the levels of 19500.
Range for the week is seen from 17800 to 17900 on downside to 19200 to 19300 on upside.
NIFTY BANK

Nifty IT index ended the week on positive note gaining around 6.70%.
As we have mentioned last week that support for the index lies in the zone of 9300 to 9400
where trend-line joining the lows of April-2015, July-2015 and February-2016 is lying. If the in-
dex manages to close below these levels then the index can drift to the levels of 8600 to 8700
from where the index has bounced in the month of May-2014. If the index manages to hold on
to the trend-line support and if value buying emerges in the sector then the index can also
bounce to the levels of around 10500. During the week the index manages to hit a low of 9430
and close the week around the levels of 10115.
Support for the index lies in the zone of 9700 to 9800 from where the index broke out of consoli-
dation. 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.
down from the February - 2016 lows. If the index manages to close above these levels then the
index can move to the levels of around 10500 to 10600 from where the index has broken down
from the double bottom pattern.
Broad range for the index in the coming week is seen from 9700 to 9800 on downside to 10300
to 10400 on upside.
NIFTY IT

Nifty FMCG index closed the week on positive note gaining around 1.00%.
As we have mentioned last week that minor support for the index lies in the zone of 19500. Sup-
port for the index lies in the zone of 19000 to 19100 where the index has taken support in the
month of March-2016 and May-2016. If the index manages to close below these levels then the
index can drift to the levels of 18000 from where the index has bounced in the month of Febru-
ary-2016. During the week the index manages to hit a low of 19659 and close the week around
the levels of 20157.
Minor support for the index lies in the zone of 19900 to 20000. Support for the index lies in the
zone of 19500 to 19600 where the index has formed a short term bottom. If the index manages
to close below these levels then the index can drift to the levels of 19000 to 19100 where the in-
dex has taken support in the month of March-2016 and May-2016.
down from the June-2016 lows and also 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 21000 to 21100 from
where the index has broken down from the October-2016 lows.
Broad range for the index in the coming week is seen from 19200 to 19300 on downside to
20700 to 20800 on upside.
NIFTY FMCG

Nifty PHARMA index closed the week on positive note gaining around 3.10%.
from where the index has bounced in the month of March - 2016 and June - 2016. If the index
breaks below these levels on closing basis then the index can witness a free fall as no supports
are visible. If the index breaks below these levels then the index can drift to the levels of 10000.
During the week the index manages to hit a low of 10586 and close the week around the levels of
11085.
Minor support for the index lies in the zone of 10800. Support for the index lies in the zone of
10350 to 10500 from where the index has bounced in the month of March - 2016 and June -
2016. If the index breaks below these levels on closing basis then the index can witness a free fall
as no supports are visible. If the index breaks below these levels then the index can drift to the
levels of 10000.
down from the double bottom pattern and 200 Daily SMA is lying. If the index manages to close
above these levels then the index can move to the levels of 11500 to 11700 levels from where the
index has broken down.
Broad range for the index is seen from 10500 to 10600 on downside to 11400 to 11500 on up-
side.
NIFTY PHARMA

Nifty AUTO index closed the week on negative note losing around 2.30%.
where long term moving averages are lying. If the index manages to close below these levels then
the index can drift to the levels of 8300 where the index has taken support in the month of June-
2016. During the week the index manages to hit a low of 8659 and close the week around the lev-
els of 8780.
Support for the index lies in the zone of 8550 to 8750 where long term moving averages are ly-
ing. If the index manages to close below these levels then the index can drift to the levels of 8300
where the index has taken support in the month of June-2016.
Minor resistance for the index lies in the zone of 8900 to 9000. Resistance for the index lies in the
zone of 9200 to 9250 where the index had a gap down opening on 15/11/2016. If the index man-
ages to close above these levels then the index can move to the levels of 9450 to 9500 where
short term and medium term moving averages are lying.
Broad range for the index is seen from 8500 to 8550 on downside to 9250 to 9300 on upside.
NIFTY AUTO

Nifty ENERGY index closed the week on absolutely flat note.
As we have mentioned last week that resistance for the index lies in the zone of 9850 to 10000
from where the index has broken down from the lows of October - 2016. If the index manages to
close above these levels then the index can move to the levels of 10200 to 10300 where the index
has made a top in the month of October-2016. During the week the index manages to hit a high of
9847 and close the week around the levels of 9806.
Support for the index lies in the zone of 9500 to 9550 from where the index has bounced in the
month of September - 2016 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 8800 to 9000 from where the in-
dex has broken out of the double top pattern.
Resistance for the index lies in the zone of 9850 to 10000 from where the index has broken down
from the lows of October - 2016. If the index manages to close above these levels then the index
can move to the levels of 10200 to 10300 where the index has made a top in the month of Octo-
ber-2016.
Broad range for the index is seen between 9500 to 9550 on downside to 10000 to 10100 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 (November 28, 2016 - December 02, 2016)

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