Weekly Outlook for Nifty and major indices (February 27, 2017 - March 03, 2017)

DATE: 24/02/2017
WEEKLY OUTLOOK FOR
NIFTY AND
MAJOR INDICES
(27/02/2017 - 03/03/2017)
© 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 ended the week on positive note gaining around 1.30%.
As we have mentioned last week that 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. During the
week the index manages to hit a high of 8982 and close the week around the levels of 8939.
Minor support for the index lies in the zone of 8840 to 8880. Support for the index lies in the
zone of 8780 to 8810 where the index had opened gap up. If the index manages to close below
these levels then the index can drift of 8600 to 8650 from where the index broke out of January-
2017 highs.
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 1.60%.
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 21012 and close the
week around the levels of 20877.
zone of 20450 to 20500 from where the index broke out of September-2016 highs. If the index
manages to close below these levels then the index can drift to the levels of 20000 to 20100
where the index has taken multiple support.
Resistance for the index lies in the zone of 20900 to 21000 where the index had made a life time
highs. If the index manages to close above these levels for couple of days then the index can move
to the levels of 21500 to 21600.
Range for the week is seen from 20200 to 20300 on downside and 21300 to 21400 on upside.
NIFTY BANK

Nifty IT index ended the week on positive note gaining around 1.50%.
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. During the week the index man-
ages to hit a high of 10802 and close the week around the levels of 10690.
Support for the index lies in the zone of 10500 to 10600 from where the index has broken out
from the double top pattern and 200 Daily SMA is lying. If the index manages to close below
these levels then the index can drift to the levels of 10300 to 10350 where Fibonacci levels and
short term moving averages are lying.
Resistance for the index lies in the zone of 10800 to 10850 where trend-line joining earlier highs
is lying. If the index manages to close above these levels then the index can move to the levels of
11000 where long term Fibonacci levels are lying.
Broad range for the index in the coming week is seen from 10300 to 10350 on downside and
10950 to 11000 on upside.
NIFTY IT

Nifty FMCG index closed the week on absolutely flat note.
As we have mentioned last week that 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 levels are lying. If the index manages to close below these lev-
els then the index can drift to the levels of 21300 to 21400 where 200 Daily SMA is lying. During
the week the index manages to hit a low of 22233 and close the week around the levels of 22435.
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 22500 to 22600. Resistance for the index lies in
the zone of 22850 to 22950 from where the index broke down on intraday basis. Resistance for
the index lies in the zone of 23200 to 23300 where life time highs and trend-line joining earlier
highs is lying.
Broad range for the index in the coming week is seen from 21600 to 21700 on downside and
23100 to 23200 on upside.
NIFTY FMCG

Nifty PHARMA index closed the week on negative note losing around 0.60%.
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. During the week the index manages to hit a high of 10685
and close the week around the levels of 10562.
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 10200 to 10250 on downside and 10800 to 10900 on up-
side.
NIFTY PHARMA

Nifty AUTO index closed the week on positive note gaining around 0.80%.
9800. Resistance for the index lies in the zone of 10000 to 10100 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 10200 to 10250 where trend-line joining highs of September-2016 and
October-2016 is lying. During the week the index manages to hit a high of 9808 and close the
week around the levels of 9762.
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.
Minor resistance for the index lies in the zone of 9810 to 9850. Resistance for the index lies in the
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 9500 to 9550 on downside & 9900 to 9950 on upside.
NIFTY AUTO

Nifty ENERGY index closed the week on positive note gaining around 4.30%.
As we have mentioned last week that the index is trading at the life time highs so virtually no re-
sistance is lying. Resistance for the index lies in the zone of 11100 to 11200. During the week the
index manages to hit a high of 11483 and close the week around the levels of 11311.
zone of 10800 to 10900 from where the index broke out of January-2017 highs. If the index man-
ages to close below these levels then the index can drift to the levels of 10500 to 10600 where
Fibonacci levels and short term moving averages are lying.
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 11500 to 11600 where Fibonacci extension is lying.
Broad range for the index is seen between 11000 to 11050 on downside & 11500 to 11550 on
upside.
NIFTY ENERGY

Nifty METAL index closed the week on positive note gaining around 2.20%.
3050. Support for the index lies in the zone of 2850 to 2900 from where the index broke out
from double top pattern. If the index manages to close below these levels then the index can drift
to the levels of 2750 to 2775 where medium term moving averages and Fibonacci levels are ly-
ing. During the week the index manages to hit a low of 3034 and close the week around the levels
of 3120.
zone of 2950 to 2980 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 2850 to 2900 from where the in-
dex broke out from double top pattern.
Resistance for the index lies in the zone of 3150 to 3170. 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 3030 to 3050 on downside & 3220 to 3250 on upside.
NIFTY METAL

Nifty PSU BANK index closed the week on positive note gaining around 0.70%.
3350. Resistance for the index lies in the 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 double top pattern. During the week the index manages to
hit a high of 3349 and close the week around the levels of 3298.
Support for the index lies in the zone of 3240 to 3260 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 3150 to 3170 where medium term moving averages and Fibonacci levels are lying.
Minor resistance for the index lies in the zone of 3330 to 3350. Resistance for the index lies in the
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 positive note gaining around 2.80%.
193. Resistance for the index lies in the 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. During the week the index
manages to hit a high of 196.30 and close the week around the levels of 194.50.
Minor support for the index lies in the zone of 190 to 192. 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 in-
dex broke out and short term moving averages are lying.
Resistance for the index lies in the 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 positive note gaining around 0.10%.
2980. Support for the index lies in the 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. During the week the index manages
to hit a low of 2967 and close the week around the levels of 2995.
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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Weekly Outlook for Nifty and major indices (February 27, 2017 - March 03, 2017)

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