Weekly Outlook for Nifty and major indices (October 10, 2016 - October 14, 2016)

DATE: 07/10/2016
WEEKLY OUTLOOK FOR
NIFTY AND
MAJOR INDICES
(10/10/2016 - 14/10/2016)
© 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
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www.equitypandit.com

NIFTYPAGE 2
Nifty ended the week on positive note gaining around 1.00%.
As we have mentioned last week that resistance for the index lies in the zone of 8680 to 8720
levels from where the index has broken down. If the index closes above these levels then the
index can move to the levels of 8900 to 8950 where the index has made a top in the month of
September - 2016. During the week the index manages to hit a high of 8807 and close the
week around the levels of 8697.
Support for the index lies in the zone of 8500 to 8550 from where the index has bounced in
the month of July - 2016 and August - 2016. The trend-line joining the lows of March, April,
May & June also coincides with the support zone of 8500. If the index manages to break this
trend-line, the up-trend in which the index is moving since March will be broken and we can
see the index drifting lower. If the index breaks below these levels on closing basis for couple
of days then the index can drift to the levels of 8350 and then 8000 levels can also be not
ruled out.
Minor resistance for the index lies in the zone of 8680 to 8720. Resistance for the index lies
in the zone of 8810 to 8850 levels from where the index has broken down. If the index closes
above these levels then the index can move to the levels of 8900 to 8950 where the index has
made a top in the month of September - 2016.
Broad range for the week is seen from 8500 on downside to 8900 on upside.

Nifty Bank ended the week on positive note gaining around 0.60%.
As we have mentioned last week that resistance for the index lies in the zone of 19500 to
19700 from where the index has broken down. If the index manages to close above these lev-
els then the index can move to the levels of 20200 to 20400. During the week the index man-
ages to hit a high of 19816 and close the week around the levels of 19400.
Support for the index lies in the zone of 19000 to 19100 from where the index has broken
out of the 4 weeks of consolidation. The trend-line joining the lows of March, April, May &
June also coincides with the support zone of 19000. If the index breaks below these levels
and closes below these levels then the index will break the up-trend started from March -
2016. If the index closes below these levels for couple of days then the index can drift to the
levels of 17800 to 18000 where long term moving averages are lying.
Resistance for the index lies in the zone of 19700 to 19800 from where the index has broken
down. If the index manages to close above these levels then the index can move to the levels
of 20200 to 20400 where the index has made a top in the month of September - 2016.
Range for the week is seen from 18800 to 18900 on downside to 19800 to 19900 on upside.
NIFTY BANK

Nifty IT index ended the week on negative note losing around 1.00%.
As we have mentioned last week that support for the index lies in the zone of 10000 to
10100 from where the index has bounced in the month of February - 2016. The index has
seen a major breakdown and no support is visible. If the index manages to close below these
levels then the index can drift to the levels of 9500 to 9600. During the week the index man-
ages to hit a low of 10146 and close the week around the levels of 10184.
Support for the index lies in the zone of 10000 to 10100 from where the index has bounced
in the month of February - 2016. The index has seen a major breakdown and no support is
visible. If the index manages to close below these levels then the index can drift to the levels
of 9500 to 9600.
Resistance for the index lies around 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 10900 to 11000 where long term moving averages are lying.
IT giants Infy & TCS are announcing there quarterly results coming week so the index can be
volatile and can swing on either side.
Broad range for the index in the coming week is seen from 9500 to 9600 on downside to
10500 to 10600 on upside.
NIFTY IT

Nifty FMCG index closed the week on positive note gaining around 0.40%.
As we have mentioned last week that minor resistance for the index lies in the zone of 21700
to 21900 from where the index has broken down from the lows of July - 2016 and August -
2016. If the index manages to close above these levels then the index can move to the levels
22000 to 22100 where short term moving averages are lying. During the week the index
manages to hit a high of 21879 and close the week around the levels of 21639.
The index has closed around the medium term moving averages lying at 21500. Support for
the index lies in the zone of 21100 to 21300 from where the index has broken out of the top
of June - 2016. If the index manages to close below these levels then the index can drift to the
levels of 20500 where 200 Daily SMA is lying and trend-line joining lows of March - 2016 and
May - 2016 is lying.
Minor resistance for the index lies in the zone of 21700 to 21900 from where the index has
broken down from the lows of July - 2016 and August - 2016. If the index manages to close
above these levels then the index can move to the levels 22000 to 22100 where short term
moving averages are lying.
Broad range for the index in the coming week is seen from 20800 to 20900 on downside to
22100 to 22300 on upside.
NIFTY FMCG

Nifty PHARMA index closed the week on positive note gaining around 0.20%.
11700 where short term moving averages are lying. If the index manages to close above
these levels then the index can move to the levels of 11900 to 12000 from where the index
has sold off. During the week the index manages to hit a high of 11748 and close the week
around the levels of 11480.
Support for the index lies in the zone of 11300 to 11400 where medium term and long term
moving averages are lying. If the index manages to close below these levels then the index
can drift to the levels of 11100 to 11200 from where the index has bounced in the month of
August - 2016.
Resistance for the index lies in the zone of 11600 to 11700 where short term moving aver-
ages are lying. If the index manages to close above these levels then the index can move to
the levels of 11900 to 12000 from where the index has sold off.
Broad range for the index is seen from 11100 to 11200 on downside to 11600 to 11700 on
upside.
NIFTY PHARMA

Nifty AUTO index closed the week on positive note gaining around 3.10%.
As we have mentioned last week that minor resistance for the index lies in the zone of 10250
to 10300. Resistance for the index lies in the zone of 10500. As the index is trading at the all
time highs virtually no resistance is visible. During the week the index manages to hit a high
of 10402 and close the week around the levels of 10344.
Minor support for the index lies in the zone of 10060 to 10120. Support for the index lies in
the zone of 9850 to 9900 where the index has broke out of the top made in the month of Au-
gust - 2016. If the index manages to close below these levels then the index can drift to the
levels of 9450 to 9500 from where the index has bounce couple of times in the month of Au-
gust - 2016.
Minor resistance for the index lies in the zone of 10350 to 10400. Resistance for the index
lies in the zone of 10500. As the index is trading at the all time highs virtually no resistance is
visible.
Broad range for the index is seen from 10000 to 10050 on downside to 10500 to 10600 on
upside.
NIFTY AUTO

Nifty ENERGY index closed the week on positive note gaining around 4.00%.
10000. If the index manages to close above these levels then the index can move to the levels
of 10500. During the week the index manages to hit a high of 10344 and close the week
around the levels of 10145.
Support for the index lies in the zone of 10000 from where the index has broken out of the
top formed in the month of September - 2016. If the index manages to close below these lev-
els then the index can drift to the levels of 9600 to 9700 where short term moving averages
are lying.
Resistance for the index lies in the zone of 10400 to 10500. If the index manages to close
above these levels then the index can move to the levels of 10700 where life time high for the
index is lying.
Broad range for the index is seen between 9600 to 9700 on downside to 10400 to 10500 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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