Weekly Outlook for Nifty and major indices (10/04/2017 to 13/04/2017)

DATE: 07/04/2017
WEEKLY OUTLOOK FOR
NIFTY AND
MAJOR INDICES
(10/04/2017 - 13/04/2017)
© 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
An ISO 9001:2008 Certified Company
www.equitypandit.com

NIFTYPAGE 2
Nifty closed the week on positive note gaining around 0.30%.
As we have mentioned last week that minor resistance for the index lies in the zone of 9150
to 9180. Resistance for the index lies in the zone of 9220 to 9250 where the index has
formed a top in the month of March-2017. If the index manages to close above these levels
then the index can move to the levels of 9400 to 9450 where Fibonacci extension is lying.
During the week the index manages to hit a high of 9274 and close the week around the lev-
els of 9198.
Minor support for the index lies in the zone of 9120 to 9140. Support for the index lies in the
zone of 9020 to 9050 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 8930 to 8970 where the
index has formed a gap on gap up opening.
Minor resistance for the index lies in the zone of 9220 to 9240. Resistance for the index lies
in the zone of 9270 to 9300. If the index manages to close above these levels then the index
can move to the levels of 9400 to 9450 where Fibonacci extension is lying.
Broad range for the week is seen from 9000 on downside & 9400 on upside.

Nifty Bank closed the week on absolutely flat note.
As we have mentioned last week that resistance for the index lies in the zone of 21700 to
21800 where the index has formed a top in the month of March-2017. If the index manages
to close above these levels then the index can move to the levels of 22100 to 22200 where
Fibonacci extension is lying. During the week the index manages to hit a high of 21699 and
close the week around the levels of 21431.
Minor support for the index lies in the zone of 21275 to 21350. Support for the index lies in
the zone of 20900 to 21000 from where the index broke out of February-2017 highs. If the
index manages to close below these levels then the index can drift to the levels of 20500 to
20600 where the index has taken multiple support.
Resistance for the index lies in the zone of 21700 to 21800 where the index has formed a top
in the month of March-2017. If the index manages to close above these levels then the index
can move to the levels of 22100 to 22200 where Fibonacci extension is lying.
Range for the week is seen from 21000 to 21100 on downside & 22000 to 22100 on upside.
NIFTY BANK

Nifty IT index closed the week on negative note losing around 2.00%.
As we have mentioned last week that support for the index lies in the zone of 10650 to
10680 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 10470 to 10520 from where the index has bro-
ken out from the double top pattern, Fibonacci level and 200 Daily SMA is lying. During the
week the index manages to hit a low of 10471 and close the week around the levels of 10486.
Support for the index lies in the zone of 10470 to 10520 from where the index has broken
out from the double top pattern, Fibonacci level and 200 Daily SMA is lying. If the index man-
ages to close below these levels then the index can drift to the levels of 10300 to 10350
where Fibonacci level is lying.
Minor resistance for the index lies in the zone of 10550 to 10600. Resistance for the index
lies in the zone of 10680 to 10720 from where the index broke down after consolidation. If
the index manages to close above these levels then the index can move to the levels of 10900
to 11000 where long term Fibonacci levels and top for the month of March-2017 are lying.
Broad range for the index in the coming week is seen from 10300 to 10350 on downside &
10700 to 10750 on upside.
NIFTY IT

Nifty FMCG index closed the week on negative note losing around 1.30%.
to 23650. Resistance for the index lies in the zone of 23850 to 23950 where the index has
posted a life time highs. If the index manages to close above these levels then the index can
move to the levels of 24350 to 24500. During the week the index manages to hit a high of
23728 and close the week around the levels of 23236.
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.
lies in the zone of 23750 to 23850 where the index has posted a life time highs. If the index
manages to close above these levels then the index can move to the levels of 24350 to 24500.
Broad range for the index in the coming week is seen from 22300 to 22400 on downside &
24000 to 24200 on upside.
NIFTY FMCG

Nifty PHARMA index closed the week on negative note losing around 1.20%.
to 10550. Resistance for the index lies in the zone of 10620 to 10680 where Fibonacci level is
lying. If the index manages to close above these levels then the index can move to the levels
of 10750 to 10850 where highs for the month of February-2017 is lying. During the week the
index manages to hit a high of 10557 and close the week around the levels 10286.
Support for the index lies in the zone of 10250 to 10350 where the index has broken out on
intraday basis. If the index manages to close below these levels then the index can drift to the
levels of 9800 to 10000 from where the index has bounced in the month of October-2014
and November-2016.
lies in the zone of 10620 to 10680 where Fibonacci level is lying. If the index manages to
close above these levels then the index can move to the levels of 10750 to 10850 where
highs for the month of February-2017 is lying.
Broad range for the index is seen from 10000 to 10050 on downside & 10500 to 10550 on
upside.
NIFTY PHARMA

Nifty AUTO index closed the week on positive note gaining around 1.10%.
to 9960. Resistance for the index lies in the zone of 10000 to 10100 from where the index
sold off in the month of November-2016 and February-2017. If the index manages to close
above these levels then the index can move to the levels of 10200 to 10250 where trend-line
joining highs of September-2016 and October-2016 is lying. During the week the index man-
ages to hit a high of 10073 and close the week around the levels of 9994.
zone of 9840 to 9870 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 9730 to 9780 where the in-
dex broke out after consolidation.
Resistance for the index lies in the zone of 10000 to 10100 from where the index sold off in
the month of November-2016 and February-2017. If the index manages to close above these
levels then the index can move to the levels of 10200 to 10250 where trend-line joining
highs of September-2016 and October-2016 is lying.
Broad range for the index is seen from 9800 to 9850 on downside & 10200 to 10250 on up-
side.
NIFTY AUTO

Nifty ENERGY index closed the week on positive note gaining around 3.50%.
As we have mentioned last week that resistance for the index lies in the zone of 11750 to
11800. If the index manages to close above these levels then the index can move to the levels
of 12050 to 12150 where Fibonacci extension is lying. During the week the index manages to
hit a high of 12149 and close the week around the levels of 12055.
the zone of 11620 to 11680 from where the index has broken out of March-2017 highs. If the
index manages to close below these levels then the index can drift to the levels of 11100 to
11200 where the index has taken multiple support in the month of March-2017.
Resistance for the index lies in the zone of 12050 to 12150 where Fibonacci extension is ly-
ing. If the index manages to close above these levels then the index can move to the levels of
12300 to 12400.
Broad range for the index is seen between 11500 to 11550 on downside & 12300 to 12400
on upside.
NIFTY ENERGY

Nifty METAL index closed the week on positive note gaining around 0.50%.
to 3120. Resistance for the index lies in the zone of 3150 to 3180 from where the index
broke down on intraday basis. If the index manages to close above these levels then the in-
dex can move to the levels of 3220 to 3250. During the week the index manages to hit a high
of 3158 and close the week around the levels of 3111.
zone of 2990 to 3020 where bottom for the month of February-2017 is lying. If the index
manages to close below these levels then the index can drift to the levels of 2890 to 2910
from where the index broke out from November-2016 and December-2016 highs.
in the zone of 3150 to 3180 from where the index broke down on intraday basis. If the index
manages to close above these levels then the index can move to the levels of 3220 to 3250.
Broad range for the index is seen between 3000 to 3030 on downside & 3170 to 3200 on up-
side.
NIFTY METAL

Nifty PSU BANK index closed the week on negative note losing around 1.20%.
As we have mentioned last week that support for the index lies in the zone of 3480 to 3510
from where the index broke out of double top pattern and Fibonacci level is lying. If the in-
dex manages to close below these levels then the index can drift to the levels of 3400 to 3420
from where the index broke out. During the week the index manages to hit a low of 3469 and
close the week around the levels of 3484.
Support for the index lies in the 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 lev-
els then the index can drift to the levels of 3400 to 3420 from where the index broke out.
in the zone of 3600 to 3630 where short term top has been formed. If the index manages to
close above these levels then the index can move to the levels of 3750 to 3800 from where
the index sold off in the month of April-2015 & August-2015.
side.
NIFTY PSU BANK

Nifty REALTY index closed the week on positive note gaining around 4.50%.
As we have mentioned last week that resistance for the index lies in the zone of 216 to 218
where the index has formed a top in the month of August-2016 and September-2016. If the
index manages to close above these levels for couple of days then the index will break out
after One and half year. The index can move to the levels of 235 where long term Fibonacci
level is lying. During the week the index manages to hit a high of 231 and close the week
around the levels of 225.
zone of 216 to 218 from where the index has broken out of the top formed in the month of
August-2016 and September-2016. If the index manages to close below these levels then the
index can drift to the levels of 211 to 213 from where the index has broken out after consoli-
dation.
Resistance for the index lies in the zone of 229 to 231. If the index manages to close above
these levels then the index can move to the levels of 235 where long term Fibonacci level is
lying.
Broad range for the index is seen between 216 to 218 on downside & 232 to 235 on upside.
NIFTY REALTY

Nifty Media index closed the week on positive note gaining around 1.00%.
As we have mentioned last week that support for the index lies in the zone of 3140 to 3150
from where the index broke out of the October-2016 highs. Support for the index lies in the
zone of 3100 to 3110 from where the index broke out after consolidation. If the index man-
ages to close below these levels then the index can drift to the levels of 3040 to 3060 where
the index has taken multiple support and index broke out of February-2017 highs. During
the week the index manages to hit a low of 3150 and close the week around the levels of
3205.
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.
The index is trading at all time highs so virtually no resistance is visible. Resistance for the
index lies in the zone of 3240 to 3260. If the index manages to close above these levels then
the index can move to the levels of 3310 to 3320 where Fibonacci extension is lying.
side.
NIFTY MEDIA

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