Weekly Outlook for Nifty and major indices (October 05, 2015 to October 10, 2015)

DATE: 01/10/2015
WEEKLY OUTLOOK FOR
NIFTY AND
MAJOR INDICES
(05/10/2015 - 09/10/2015)
© 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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CNX NIFTYPAGE 2
CNX Nifty ended the week on positive note gaining around 1%.
As we have mentioned last week that it seems the index is moving in the range of 7700 to
7750 on downside to 8000 to 8050 on upside. During the week, the index hit a low of 7691
and high of 8008.
As seen from the chart the index is forming a Inverse Head & Shoulder pattern on daily
charts. Neckline for the inverse Head & Shoulder pattern lies around the levels of 8030.
If the index manages to close above the levels of 8050 with heavy volumes, then the index
can move to the levels of 8250 to 8300 where 100 & 200 Daily SMA are positioned. Targets
for the inverse Head & Shoulder pattern can be in the range of 8550 to 8600.
If the index manages to close below the levels of 7700 where 100 Weekly SMA is lying, then
the index can drift to the levels of 7550 to 7600 where 500 Daily SMA.
Broad range for the week is seen from 7700 on downside to 8100 on upside.

Bank Nifty ended the week on absolutely flat note.
As we have mentioned last week that support for the index lies in the zone of 16500 to
16750. If the index closes below this levels then the index can move to the levels of 15750 to
16000. During the week the index manages to hit a low of 16648 and bounce back to close
the week around the levels of 17151.
The index has been facing stiff resistance around the levels of 17500 to 17600. If the index
manages to move above the levels of 17600 on closing basis then the index can move to the
levels of 18000 to 18500 where 100 and 200 Daily SMA are positioned.
Support for the index lies in the zone of 16500 to 16750. If the index closes below this levels
then the index can move to the levels of 15750 to 16000 where 500 Daily SMA and 100
Weekly SMA are positioned.
On daily charts the index is forming a Inverse Head & Shoulder pattern in which the neckline
is positioned around the levels of 17500 to 17600. If the index manages to close above this
levels with heavy volumes then the index can move to the levels of 18000 to 18500. Targets
for this pattern can be in the range of 19000.
Range for the week is seen from 16000 to 16500 on downside to 17500 to 18000 on upside.
BANK NIFTY

CNX IT index closed the week on negative note losing around 0.60%.
As we have mentioned last week that the resistance for the index lies in the zone of 11800 to
12000 where channel resistance for the index is positioned. If the index manages to close
above the levels of 12000 then the index can move to the levels of 12300 to 12500. The index
manages to hit a high of 12055 during the week.
On 01/10/2015, one of the IT giants HCL Tech announced that there can be slippage in mar-
gins in quarterly results which spooked the stock and the index. The index manages to close
around the levels of 11872.
The index has been forming the bearish pattern on daily charts. Support for the index lies in
the zone of 11400 to 11600 where 100 & 200 Daily SMA are positioned.
Resistance for the index lies in the zone of 11800 to 12000 where channel resistance for the
index is positioned. If the index manages to close above the levels of 12000 then the index
can move to the levels of 12300 to 12500.
Broad range for the index in the coming week is seen from 11600 on downside to 12300 on
upside.
CNX IT

CNX FMCG index closed the week on positive note gaining more than 2.5%.
As we have mentioned last week that the index has formed a Hammer pattern on weekly
charts in a downtrend indicating the trend reversal. If the index manages to close above the
levels of 19600 then the index can move to the levels of 20000 where 100 and 200 Daily SMA
are positioned. The index manages to hit a high of 20185 during the week before closing the
week below the levels of 20000.
The index has formed a Hammer pattern on monthly charts in a downtrend indicating the
trend reversal.
The index has formed a Shooting Star pattern on daily charts on 01/10/2015 around the re-
sistance zone of 20300. The index has to close above the levels of 20300 where 200 Daily
SMA is positioned to negate this pattern. Resistance for the index lies in the zone of 20300 to
20500 above which the index can move to the levels of 21000.
Support for the index lies in the zone of 19300 to 19500 where short term moving averages
and long term trend-line support for the index is lying.
Broad range for the index in the coming week is seen from 19000 to 19300 on downside to
20300 to 20500 on upside.
CNX FMCG

CNX PHARMA index closed the week on positive note gaining around 2%.
As we have mentioned last week that resistance for the index lies in the zone of 12800 to
13000. If the index manages close above the levels of 13000 the index can move to the levels
of 13300 to 13500. The index manages to hit a high of 13183 during the week and closed al-
most at the highest point of the week.
Support for the index lies in the zone of 12800 from where the index has broken out. If the
index manages to move below the levels of 12800 on closing basis, then the index can drift to
the levels of 12200 to 12500 where 100 and 200 Daily SMA are positioned.
Resistance for the index lies in the zone of 13300 from where the index has sold off earlier. If
the index manages to close above the levels of 13300 then the index can move to the levels of
13600 where trend-line joining earlier highs is positioned.
Broad range for the index is seen from 12500 to 12600 on downside to 13400 to 13500 on
upside.
CNX PHARMA

CNX AUTO index closed the week on absolutely flat note.
As we have mentioned last week that support for the index lies in the zone of 7650. If the in-
dex manages to close below the levels of 7650 then the index can drift to the levels of 7400
where trend-line support for the index is lying. The index manages to hit a low of 7475 dur-
ing the week before closing the week around the levels of 7737.
Strong resistance for the index lies in the zone of 8050 from where the index broke down. If
the index manages to close above the levels of 8050 the index can move to the levels of 8200
to 8300 where 100 and 200 Daily SMA is positioned.
Support for the index lies in the zone of 7600. If the index manages to close below the levels
of 7650 then the index can drift to the levels of 7300 where trend-line support and 100
Weekly SMA for the index are lying.
The index has formed a Dragon Fly doji pattern on weekly charts in a downtrend indicating
the trend reversal. If the index manages to close above the levels of 7850 then the index can
move to the levels of 8050.
Broad range for the index is seen from 7500 to 7550 on downside to 8000 to 8050 on upside.
CNX AUTO

CNX ENERGY index closed the week on positive note gaining around 2%.
As we have mentioned last week that support for the index lies in the zone of 7500. If the in-
dex broke below the levels of 7500 on closing basis then the index can drift to the levels of
7300. The index manages to hit a low of 7360 during the week and close the week around
the levels of 7640.
The index has formed a Doji pattern on monthly charts in a strong downtrend indicating the
trend reversal or the indecision among the traders about the further direction of the index.
The index has been moving in the range of 7300 on downside to 7800 on upside since last 4
weeks. A break of the index on either side can move the index further 5% to 7% in that direc-
tion.
Support for the index lies in the zone of 7500. If the index broke below the levels of 7500 on
closing basis then the index can drift to the levels of 7300.
If the index manages to close above the levels of 7800 for couple of days, the index can wit-
ness a huge short covering bounce which can take index to the levels of 8000.
Broad range for the index is seen between 7400 to 7450 on downside to 7900 to 8000 on up-
side.
CNX 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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