Weekly Outlook for Nifty and major indices (08-05-2017 to 12-05-2017)

DATE: 05/05/2017
WEEKLY OUTLOOK FOR
NIFTY AND
MAJOR INDICES
(08/05/2017 - 12/05/2017)
© 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 closed the week on negative note losing around 0.20%.
As we have mentioned last week that minor support for the index lies in the zone of 9250 to
9270. Support for the index lies in the zone of 9170 to 9220 from where the index has
opened gap up. If the index manages to close below these levels then the index can drift to
the levels of around 9020 to 9070 where lows for the month of April-2017 and the index has
opened gap up. During the week the index manages to hit a low of 9270 and close the week
around the levels of 9285.
Minor support for the index lies in the zone of 9250 to 9270. Support for the index lies in the
zone of 9170 to 9220 from where the index has opened gap up. If the index manages to close
below these levels then the index can drift to the levels of around 9020 to 9070 where lows
for the month of April-2017 and the index has opened gap up.
Minor resistance for the index lies in the zone of 9340 to 9360. Resistance for the index lies
in the zone of 9420 to 9460 where Fibonacci extension is lying. If the index manages to close
above these levels then the index can move to the levels of 9600.
Broad range for the week is seen from 9100 on downside & 9500 on upside.

Nifty Bank closed the week on positive note gaining around 1.10%.
As we have mentioned last week that resistance for the index lies in the zone of 22450 to
22550. If the index manages to close above these levels then the index can move to the levels
of around 22800 to 22900. During the week the index manages to hit a high of 22854 and
close the week around the levels of 22605.
Minor support for the index lies in the zone of 22450 to 22500. Support for the index lies in
the zone of 21900 to 22000 from where the index broke out of April-2017 highs. If the index
manages to close below these levels then the index can drift to the levels of 21400 to 21500
where the index has taken multiple support.
Resistance for the index lies in the zone of 22800 to 22900. If the index manages to close
above these levels then the index can move to the levels of around 23300 to 23400.
Range for the week is seen from 22000 to 22100 on downside & 23000 to 23100 on upside.
NIFTY BANK

Nifty IT index closed the week on positive note gaining around 1.40%.
As we have mentioned last week that minor resistance for the index lies in the zone of 10050
to 10100. Resistance for the index lies in the zone of 10200 to 10300 where Fibonacci level is
lying. If the index manages to close above these levels then the index can move to the levels
of 10450 to 10530 where 200 Daily moving average and Fibonacci level is lying. During the
week the index manages to hit a high of 10170 and close the week around the levels of
10086.
Minor support for the index lies in the zone of 10000. Support for the index lies in the zone of
9890 to 9930 where trend-line joining lows of 9295 and 9592 is lying and long term
Fibonacci level is lying. If the index manages to close below these levels then the index can
drift to the levels of 9580 to 9620 levels where the index has formed a low in the month of
February-2017.
Resistance for the index lies in the zone of 10200 to 10300 where Fibonacci level is lying. If
the index manages to close above these levels then the index can move to the levels of 10450
to 10500 where medium term moving averages and Fibonacci level is lying.
Broad range for the index in the coming week is seen from 9900 to 9930 on downside &
10300 to 10350 on upside.
NIFTY IT

Nifty FMCG index closed the week on negative note losing around 0.20%.
23850 where highs for the month of March-2017 and April-2017 is lying. If the index
manages to close above these levels then the index can move to the levels of 24500 to 24600
where Fibonacci extension is lying. During the week the index manages to hit a high of 23991
and close the week around the levels of 23630.
the zone of 22900 to 23000 from where the index opened gap up. If the index manages to
close below these levels then the index can drift to the levels of 22300 to 22500 where the
index has taken multiple support.
Resistance for the index lies in the zone of 23800 to 24000 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 24500 to 24600 where Fibonacci extension is lying.
Broad range for the index in the coming week is seen from 22500 to 22600 on downside &
24500 to 24600 on upside.
NIFTY FMCG

Nifty PHARMA index closed the week on negative note losing around 1.80%.
As we have mentioned last week that support for the index lies in the zone of 10000 to
10100 where the index has taken multiple support. If the index manages to close below these
levels then the index can drift to the levels of 9800 to 9900 from where the index has
bounced in the month of October-2014 and November-2016. During the week the index
manages to hit a low of 9909 and close the week around the levels of 9935.
Support for the index lies in the zone of 9800 to 9900 from where the index has bounced in
the month of October-2014 and November-2016. If the index manages to close below these
levels then the index can witness further free fall and virtually no support exit. The index can
drift to the levels of 9700.
Minor resistance for the index lies in the zone of 10000 to 10050. Resistance for the index
lies in the zone of 10200 to 10250 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 around 10400 to
10450 where short & medium term moving averages are lying.
Broad range for the index is seen from 9700 to 9750 on downside & 10200 to 10250 on
upside.
NIFTY PHARMA

Nifty AUTO index closed the week on negative note losing around 1.40%.
10380. If the index manages to close above these levels then the index can move to the levels
of around 10450 to 10500 where the index has formed a top in the month of September-
2016. During the week the index manages to hit a high of 10352 and close the week around
the levels of 10108.
Support for the index lies in the zone of 10050 to 10100 from where the index broke out of
March-2017 and April-2017 highs. If the index manages to close below these levels then the
index can drift to the levels of around 9850 to 9900 where short term moving averages are
lying.
lies in the zone of 10350 to 10380. If the index manages to close above these levels then the
index can move to the levels of around 10450 to 10500 where the index has formed a top in
the month of September-2016.
Broad range for the index is seen from 9850 to 9900 on downside & 10300 to 10350 on
upside.
NIFTY AUTO

Nifty ENERGY index closed the week on negative note losing around 2.75%.
As we have mentioned last week that support for the index lies in the zone of 12100 to
12200 where the index has taken multiple support. If the index manages to close below these
levels then the index can drift to the levels of around 11600 to 11700 where short term
moving averages and Fibonacci level is lying. During the week the index manages to hit a low
of 11907 and close the week around the levels of 11925.
the zone of 11600 to 11700 where short term moving averages and Fibonacci level is lying. If
the index manages to close below these levels then the index can drift to the levels of around
11200 to 11300 from where the index broke out in the month of February-2017.
lies in the zone of 12450 to 12500 where the index has formed a short term top. If the index
manages to close above these levels then the index can move to the levels of around 12620 to
12680 where Fibonacci level is lying.
Broad range for the index is seen between 11600 to 11650 on downside & 12200 to 12250
on upside.
NIFTY ENERGY

Nifty METAL index closed the week on negative note losing around 3.90%.
As we have mentioned last week that resistance for the index lies in the zone of 3020 to 3050
from where the index broke down after consolidation and short term moving averages are
lying. If the index manages to close above these levels then the index can move to the levels
of 3130 to 3150. During the week the index manages to hit a high of 3010 and close the week
around the levels of 2857.
Support for the index lies in the zone of 2750 to 2800 where Fibonacci levels and 200 Daily
moving averages are lying. If the index manages to close below these levels then the index
can drift to the levels of 2680 to 2700.
Minor resistance for the index lies in the zone of 2900 to 2920. Resistance for the index lies
in the zone of 3020 to 3050 from where the index broke down after consolidation and short
term moving averages are lying. If the index manages to close above these levels then the
index can move to the levels of 3130 to 3150.
Broad range for the index is seen between 2680 to 2700 on downside & 3000 to 3030 on
upside.
NIFTY METAL

Nifty PSU BANK index closed the week on positive note gaining around 2.50%.
As we have mentioned last week that minor resistance for the index lies in the zone of 3680
to 3700. Resistance for the index lies in the zone of 3750 to 3800 from where the index sold
off in the month of April-2015 & August-2015. If the index manages to close above these
levels then the index can move to the levels of 4000 to 4050. During the week the index
manages to hit a high of 3921 and close the week around the levels of 3750.
zone of 3470 to 3510 from where the index broke out of double top pattern and Fibonacci
level is lying. If the index manages to close below these levels then the index can drift to the
levels of 3370 to 3400 from where the index broke out and short term moving averages are
lying.
Resistance for the index lies in the zone of 3750 to 3800 from where the index sold off in the
month of April-2015 & August-2015. If the index manages to close above these levels then
the index can move to the levels of 4000 to 4050.
upside.
NIFTY PSU BANK

Nifty REALTY index closed the week on positive note gaining around 1.60%.
As we have mentioned last week that resistance for the index lies in the zone of 258 to 260. If
the index manages to close above these levels then the index can move to the levels of 268 to
270. During the week the index manages to hit a high of 262 and close the week around the
levels of 255.
zone of 235 to 237 where Fibonacci level is lying. If the index manages to close below these
levels then the index can drift to the levels of around 216 to 220 from where the index broke
out of August-2016 and September-2016 highs.
Resistance for the index lies in the zone of 258 to 260. If the index manages to close above
these levels then the index can move to the levels of 268 to 270.
Broad range for the index is seen between 240 to 242 on downside & 262 to 265 on upside.
NIFTY REALTY

Nifty Media index closed the week on negative note losing around 4.00%.
As we have mentioned last week that minor support for the index lies in the zone of 3210 to
3230. Support for the index lies in the zone of 3140 to 3150 from where the index broke out
of the October-2016 highs. If the index manages to close below these levels then the index
can drift to the levels of 3100 to 3110 from where the index broke out after consolidation.
During the week the index manages to hit a low of 3114 and close the week around the levels
of 3119.
Support for the index lies in the zone of 3100 to 3110 from where the index broke out after
consolidation and short term moving averages are lying. If the index manages to close below
these levels then the index can drift to the levels of 3030 to 3070 from where the index broke
out of February-2017 highs.
Resistance for the index lies in the zone of 3130 to 3160 where lows of the month of April-
2017 is lying. If the index manages to close above these levels then the index can move to the
levels of 3230 to 3270 where the index has formed a short term top.
upside.
NIFTY MEDIA

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