Weekly Outlook for Nifty and major indices (December 19, 2016 - December 23, 2016)

DATE: 16/12/2016
WEEKLY OUTLOOK FOR
NIFTY AND
MAJOR INDICES
(19/12/2016 - 23/12/2016)
© 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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NIFTYPAGE 2
Nifty ended the week on negative note losing around 1.48%.
As we have mentioned last week that minor support for the index lies in the zone of 8100 to
8150 on intraday basis. 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. During the week the index manages to hit a low of
8122 and close the week around the levels of 8139.
Minor support for the index lies in the zone of 8100 to 8150 on intraday basis. 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.
Broad range for the week is seen from 7900 on downside to 8300 on upside.

Nifty Bank ended the week on negative note losing around 2.00%.
As we have mentioned last week that minor support for the index lies in the zone of 18400 to
18500 on intraday basis. Support for the index lies in the zone of 18000 to 18100 from where
neck-line of the Inverse H & S pattern formed from August-2015 to July-2016 is lying. If the index
closes below these levels then the index can drift to the levels of 17700 to 17800 where long
term moving averages are lying. Below these levels the index can drift to the levels of 17000
from where the index has bounced on Brexit day. During the week the index manages to hit a low
of 18122 and close the week around the levels of 18331.
Support for the index lies in the zone of 18000 to 18100 from where neck-line of the Inverse H &
S pattern formed from August-2015 to July-2016 is lying. If the index closes below these levels
then the index can drift to the levels of 17700 to 17800 where long term moving averages are
lying. Below these levels the index can drift to the levels of 17000 from where the index has
bounced on Brexit day.
Minor resistance for the index lies in the zone of 18400 to 18500 on intraday basis. 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 manages to close
above these levels then the index can move to the levels of 19500.
Range for the week is seen from 17500 to 17600 on downside to 18800 to 18900 on upside.
NIFTY BANK

Nifty IT index ended 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 10000 to 10200
from where the index has broken 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. During the week the index
manages to hit a high of 10300 and close the week around the levels of 10219.
Minor support for the index lies in the zone of 10000 to 10050 from where the index has broken
out on intraday basis. Support for the index lies in the zone of 9700 to 9800 from where the in-
dex broke out of consolidation. 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.
The index has closed around the resistance zone of 10100 to 10200 from where the index has
broken 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 bro-
ken down from the double bottom pattern.
Broad range for the index in the coming week is seen from 9900 to 9950 on downside to 10450
to 10500 on upside.
NIFTY IT

Nifty FMCG index closed the week on negative note losing around 3.10%.
from where the index has broken down from the June-2016 lows and also long term moving av-
erages are lying. If the index manages 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.
During the week the index manages to hit a high of 20547 and close the week around the levels
of 19997.
Minor support for the index lies in the zone of 20000 to 20100. 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.
Minor resistance for the index lies in the zone of 20300 to 20400. Resistance for the index lies in
the zone of 20600 to 20800 from where the index has broken down from the June-2016 lows and
also long term moving averages are lying. If the index manages 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 19100 to 19200 on downside to
20500 to 20600 on upside.
NIFTY FMCG

Nifty PHARMA index closed the week on negative note losing around 2.50%.
As we have mentioned last week that minor support for the index lies in the zone of 10800. Sup-
port 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. During the week the index manages to hit a
low of 10539 and close the week around the levels of 10639.
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 ba-
sis 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.
Minor resistance for the index lies in the zone of 10750 to 10850. Resistance for the index lies in
the zone of 11200 to 11300 from where the index has broken down from the double bottom pat-
tern 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 10300 to 10350 on downside to 10800 to 10900 on up-
side.
NIFTY PHARMA

Nifty AUTO 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 9000 where 200
Daily SMA is lying and from where the index has broken out of the short term consolidation. If
the index manages to close below these levels then the index can drift to the levels of 8400 to
8500 where the index has formed a low on Brexit day. During the week the index manages to hit
a low of 9043 and close the week around the levels of 9140.
Support for the index lies in the zone of 9000 where 200 Daily SMA is lying and from where the
index has broken out of the short term consolidation. If the index manages to close below these
levels then the index can drift to the levels of 8400 to 8500 where the index has formed a low on
Brexit day.
Minor resistance for the index lies in the zone of 9250 to 9300. Resistance for the index lies in the
zone of 9400 to 9500 from where the index has broken down from the multiple support zone
which was holding the index in the month of August-2016 and November-2016. If the index man-
ages to close above these levels then the index can move to the levels of 9800 to 10000 from
where the index has broken down from the consolidation in the month of September-2016 and
October-2016.
Broad range for the index is seen from 8850 to 8900 on downside to 9400 to 9500 on upside.
NIFTY AUTO

Nifty ENERGY index closed the week on absolutely flat note.
where the index has made a top in the month of October-2016. If the index manages to close
above these levels then the index can move to the levels of 10500 to 10600 where life time highs
for the index is lying. During the week the index manages to hit a high of 10245 and close the
week around the levels of 10081.
Minor support for the index lies in the zone of 9930 to 9960 on intraday basis. Support for the
index lies in the zone of 9650 to 9700. Support for the index lies in the zone of 9500 to 9550 from
where the index has bounced in the month of September - 2016. If the index manages to close
below these levels then the index can drift to the levels of 8800 to 9000 from where the index
has broken out of the double top pattern.
Resistance for the index lies in the zone of 10200 to 10300 where the index has made a top in the
month of October-2016. If the index manages to close above these levels then the index can move
to the levels of 10500 to 10600 where life time highs for the index is lying.
Broad range for the index is seen between 9700 to 9750 on downside to 10300 to 10400 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 (December 19, 2016 - December 23, 2016)

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