Weekly Outlook for Nifty and major indices (February 20, 2017 - February 24, 2017)

DATE: 17/02/2017
WEEKLY OUTLOOK FOR
NIFTY AND
MAJOR INDICES
(20/02/2017 - 23/02/2017)
© 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 ended the week on positive note gaining around 0.30%.
As we have mentioned last week that minor support for the index lies in the zone of 8680 to
8720. Support for the index lies in the zone of 8460 to 8510 where Fibonacci levels are lying. If
the index manages to close below these levels then the index can drift of 8280 to 8330 from
where the index broke out of the declining trend-line and 200 Daily SMA is lying. If the index
manages to close below these levels then the index can drift to the levels of 8100 to 8150 where
Fibonacci levels and highs of December-2016 are lying. During the week the index manages to hit
a low of 8713 and close the week around the levels of 8822.
Minor support for the index lies in the zone of 8720 to 8750. Support for the index lies in the
zone of 8550 to 8600 from where the index broke out. If the index manages to close below these
levels then the index can drift of 8350 to 8400 where Fibonacci levels and 200 Daily SMA is lying.
Minor resistance for the index lies in the zone of 8800 to 8820. Resistance for the index lies in the
zone of 8900 to 8950 where the index had made a top in the month of September-2016. If the
index manages to close above these levels then the index can move to the levels of 9050 to 9100
where life time highs for the index is lying.
Broad range for the week is seen from 8700 on downside to 9100 on upside.

Nifty Bank ended the week on positive note gaining around 1.70%.
As we have mentioned last week that resistance for the index lies in the zone of 20600 to 20700
where the index was top out in the month of September-2016. If the index manages to close
above these levels then the index can move to the levels of 20900 to 21000 where the index had
made a life time highs. During the week the index manages to hit a high of 21042 and close the
week around the levels of 20551.
zone of 19950 to 20050 where the index has taken multiple support on daily basis. If the index
manages to close below these levels then the index can drift to the levels of 18900 to 19000
where Fibonacci levels are lying.
Resistance for the index lies in the zone of 20600 to 20700 where the index was top out in the
month of September-2016. If the index manages to close above these levels then the index can
move to the levels of 20900 to 21000 where the index had made a life time highs.
Range for the week is seen from 20000 to 20100 on downside to 21000 to 21100 on upside.
NIFTY BANK

Nifty IT index ended the week on positive note gaining around 1.30%.
10300. Support for the index lies in the zone of 9900 to 10000 where Fibonacci level are lying. If
the index manages to close below these levels then the index can drift to the levels of 9700 to
9750 where the index has formed a bottom in the month of December-2016. During the week the
index manages to hit a low of 10319 and close the week around the levels of 10527.
zone of 9900 to 10000 where Fibonacci level are lying. If the index manages to close below these
levels then the index can drift to the levels of 9700 to 9750 where the index has formed a bottom
in the month of December-2016.
Resistance for the index lies in the zone of 10500 to 10600 from where the index has broken
down from the double bottom pattern and 200 Daily SMA is lying. If the index manages to close
above these levels then the index can move to the levels of 10700 to 10800 where trend-line
joining earlier highs is lying.
Broad range for the index in the coming week is seen from 10250 to 10300 on downside to
10750 to 10800 on upside.
NIFTY IT

Nifty FMCG index closed the week on negative note losing around 1.15%.
As we have mentioned last week that minor resistance for the index lies in the zone of 22800 to
22900. Resistance for the index lies in the zone of 23200 to 23300 where life time highs and
trend-line joining earlier highs is lying. During the week the index manages to hit a high of 22881
and close the week around the levels of 22446.
Minor support for the index lies in the zone of 22300 to 22400 from where the index broke out
on intraday basis. Support for the index lies in the zone of 21700 to 21800 where Fibonacci lev-
els are lying. If the index manages to close below these levels then the index can drift to the levels
of 21300 to 21400 where 200 Daily SMA is lying.
Minor resistance for the index lies in the zone of 22800 to 22900. Resistance for the index lies in
the zone of 23200 to 23300 where life time highs and trend-line joining earlier highs is lying.
The index has formed a Shooting Star pattern on weekly basis. Every rise in the index will be sold
off.
Broad range for the index in the coming week is seen from 21600 to 21700 on downside to
23100 to 23200 on upside.
NIFTY FMCG

Nifty PHARMA index closed the week on positive note gaining around 2.00%.
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 10700 to 10800 where Fibonacci level is ly-
ing. Above these levels the index can move to the levels of 11000 to 11100 where 200 Daily SMA
is lying. During the week the index manages to hit a high of 10646 and close the week around the
levels of 10624.
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.
Resistance for the index lies in the zone of 10700 to 10800 where Fibonacci level is lying. Above
these levels the index can move to the levels of 11000 to 11100 where 200 Daily SMA is lying.
Broad range for the index is seen from 10300 to 10350 on downside to 10900 to 11000 on up-
side.
NIFTY PHARMA

Nifty AUTO index closed the week on negative note losing around 3.00%.
from where the index sold off in the month of November-2016. If the index manages to close
above these levels then the index can move to the levels of 10250 to 10350 where trend-line
joining highs of September-2016 and October-2016 is lying. If the index manages to close above
these levels then the index can move to the levels of 10450 to 10500 where the index was top out
in the month of September-2016. During the week the index manages to hit a high of 10030 and
close the week around the levels of 9684.
Support for the index lies in the zone of 9520 to 9580 where Fibonacci level is lying 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 9300 to 9350 where 200 Daily SMA and breakout levels are lying.
zone of 10000 to 10100 from where the index sold off in the month of November-2016. If the in-
dex 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 9300 to 9350 on downside & 9900 to 9950 on upside.
NIFTY AUTO

Nifty ENERGY index closed the week on positive note gaining around 1.60%.
As we have mentioned last week that support for the index lies in the zone of 10650 to 10700
from where the index broke out of June-2014 highs. If the index manages to close below these
levels then the index can drift to the levels of 10500 to 10550 from where the index broke out on
intraday basis. If the index manages to close below these levels then the index can drift to the lev-
els of 10300 to 10350 where short term moving averages and from where the index broke out
from the October-2016 highs. During the week the index manages to hit a low of 10613 and close
the week around the levels of 10846.
Support for the index lies in the zone of 10650 to 10700 from where the index broke out of June-
2014 highs. If the index manages to close below these levels then the index can drift to the levels
of 10500 to 10550 from where the index broke out on intraday basis. If the index manages to
close below these levels then the index can drift to the levels of 10300 to 10350 where short
term moving averages and from where the index broke out from the October-2016 highs.
The index is trading at the life time highs so virtually no resistance is lying. Resistance for the in-
dex lies in the zone of 11100 to 11200.
Broad range for the index is seen between 10500 to 10550 on downside & 11200 to 11300 on
upside.
NIFTY ENERGY

Nifty METAL index closed the week on negative note losing around 0.70%.
As we have mentioned last week that minor resistance for the index lies in the zone of 3100 to
3120. Resistance for the index lies in the zone of 3180 to 3200. Resistance for the index lies in
the zone of 3330 to 3370 from where the index sold off in the month of August-2014. If the index
manages to close above these levels then the index can move to the levels of 3500 to 3550 where
the index has formed a top in the month of June-2014. During the week the index manages to hit
a high of 3116 and close the week around the levels of 3054.
zone of 2850 to 2900 from where the index broke out from double top pattern. If the index man-
ages to close below these levels then the index can drift to the levels of 2750 to 2775 where me-
dium term moving averages and Fibonacci levels are lying.
zone of 3180 to 3200. Resistance for the index lies in the zone of 3330 to 3370 from where the
index sold off in the month of August-2014. If the index manages to close above these levels then
the index can move to the levels of 3500 to 3550 where the index has formed a top in the month
of June-2014.
Broad range for the index is seen between 2930 to 2950 on downside & 3120 to 3150 on upside.
NIFTY METAL

Nifty PSU BANK index closed the week on negative note losing around 4.00%.
3370. Support for the index lies in the zone of 3250 to 3300 from where the index broke out
from Inverse H & S pattern. If the index manages to close below these levels then the index can
drift to the levels of 3130 to 3170 where medium term moving averages and Fibonacci levels are
lying. During the week the index manages to hit a low of 3243 and close the week around the lev-
els of 3275.
Support for the index lies in the zone of 3250 to 3300 from where the index broke out from In-
verse H & S pattern. If the index manages to close below these levels then the index can drift to
the levels of 3130 to 3170 where medium term moving averages and Fibonacci levels are lying.
zone of 3430 to 3460 where Fibonacci levels are lying. If the index manages to close above these
levels then the index can move to the levels of 3510 to 3530 where the index has formed a dou-
ble top pattern.
NIFTY PSU BANK

Nifty REALTY index closed the week on negative note losing around 3.50%.
As we have mentioned last week that minor support for the index lies in the zone of 192 to 193.
Support for the index lies in the zone of 188 to 190 where 200 Daily SMA is lying. If the index
manages to close below these levels then the index can drift to the levels of 183 to 185 from
where the index broke out from the January-2017 highs. During the week the index manages to
hit a low of 184 and close the week around the levels of 189.
Support for the index lies in the zone of 183 to 185 from where the index broke out from the
January-2017 highs. If the index manages to close below these levels then the index can drift to
the levels of 175 to 177 from where the index broke out and short term moving averages are ly-
ing.
zone of 195 to 196 where the index has broken down from double bottom pattern and also gap
has been created on gap down opening on 09-11-2016. If the index manages to close above these
levels then the index can move to the levels of 205 to 210 from where the index sold off in the
month of November-2016.
NIFTY REALTY

Nifty Media index closed the week on negative note losing around 0.70%.
zone of 2920 to 2940 from where the index broke out. If the index manages to close below these
levels then the index can drift to the levels of 2860 to 2880 where the index had gap up opening
on 03/02/2017.
Resistance for the index lies in the zone of 3020 to 3030 where the index has made a short term
top. If the index manages to close above these levels then the index can move to the levels of
3080 to 3100.
Broad range for the index is seen between 2920 to 2940 on downside to 3050 to 3070 on upside.
NIFTY MEDIA

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