Weekly Outlook for Nifty and major indices (November 21, 2016 - November 25, 2016)

DATE: 18/11/2016
WEEKLY OUTLOOK FOR
NIFTY AND
MAJOR INDICES
(21/11/2016 - 25/11/2016)
© 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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Surat - 395009
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www.equitypandit.com

NIFTYPAGE 2
Nifty ended the week on negative note losing around 2.70%.
As we have mentioned last week that support for the index lies in the zone of 8000 to 8200 levels
where long term moving averages are lying and this range is the strong support zone for the in-
dex. 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 8048 and
close the week around the levels of 8074.
The index has closed just below the 200 Daily SMA. Support for the index lies in the zone of 8000
to 8100 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.
The index can form a H & S pattern where left shoulder is from 8000 to 8300 and Head being the
rally from 8000 to 8950 and a drop to the levels of 8000. So it may be possible that the index can
bounce from these levels of 8000 to 8300 to complete the right shoulder. Coming few weeks are
very crucial for the markets as the levels of 8000 may be make or break levels.
Broad range for the week is seen from 7800 on downside to 8200 on upside.

Nifty Bank ended the week on negative note losing around 4.00%.
As we have mentioned last week that support for the index lies in the zone of 19400 to 19500
levels where the index has opened gap up on 10-11-2016. If the index manages to close below
these levels then the index can drift to the levels of 19000 to 19100 where medium term moving
averages are lying. During the week the index manages to hit a low of 18897 and close the week
around the levels of 18959.
The index has closed just below the levels of 19000 to 19100 where medium term moving aver-
ages are lying. Support for the index lies in the zone of 18400 to 18500 where the index has
taken support in the month of July-2016 & August-2016. If the index manages to close below
these levels then the index can drift to the levels of 18000 to 18100 from where the index has
bounced on 09/11/2016 and also long term moving averages are lying.
Resistance for the index lies in the zone of 19400 to 19500 where short term moving averages
are lying. If the index manages to close above these levels then the index can move to the levels
of 19700 to 19800 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 20200 to 20400 where the index has made a
top in the month of September - 2016.
Range for the week is seen from 18400 to 18500 on downside to 19400 to 19500 on upside.
NIFTY BANK

Nifty IT index ended the week on positive note gaining around 0.40%.
where trend-line joining the lows of April-2015, July-2015 and February-2016 is lying. If the in-
dex manages to close below these levels then the index can drift to the levels of 8600 to 8700
from where the index has bounced in the month of May-2014. During the week the index man-
ages to hit a low of 9295 and close the week around the levels of 9476.
Support for the index lies in the zone of 9300 to 9400 where trend-line joining the lows of April-
2015, July-2015 and February-2016 is lying. If the index manages to close below these levels
then the index can drift to the levels of 8600 to 8700 from where the index has bounced in the
month of May-2014.
Minor resistance for the index lies in the zone of 9700 to 9800. 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.
If the index manages to hold on to the trend-line support and if value buying emerges in the sec-
tor then the index can also bounce to the levels of around 10500.
Broad range for the index in the coming week is seen from 9100 to 9200 on downside to 9800 to
9900 on upside.
NIFTY IT

Nifty FMCG index closed the week on negative note losing around 4.20%.
As we have mentioned last week that support for the index lies in the zone of 20500 where 200
Daily SMA is lying and trend-line joining lows of March - 2016 and May - 2016 is lying. If the in-
dex manages to close below these levels then the index can drift to the levels of 20000 to 20200.
During the week the index manages to hit a low of 19918 and close the week around the levels of
19960.
Minor support for the index lies in the zone of 19500. Support for the index lies in the zone of
19000 to 19100 where the index has taken support in the month of March-2016 and May-2016.
If the index manages to close below these levels then the index can drift to the levels of 18000
from where the index has bounced in the month of February-2016.
Resistance for the index lies in the zone of 20500 to 20700 where long term moving averages are
lying. If the index manages to close above these levels then the index can move to the levels of
21300 to 21500 where medium term moving averages are lying.
Broad range for the index in the coming week is seen from 19200 to 19300 on downside to
20700 to 20800 on upside.
NIFTY FMCG

Nifty PHARMA index closed the week on negative note losing around 1.40%.
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 10530 and close the week around the levels of
10751.
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.
Resistance for the index lies in the zone of 10900 to 11050 where the index has formed a gap on
04/11/2016 on gap down opening. If the index manages to close above these levels then the in-
dex can move to the levels of 11200 to 11300 from where the index has broken down from the
double bottom pattern and 200 Daily SMA is lying.
Broad range for the index is seen from 10300 to 10400 on downside to 11300 to 11400 on up-
side.
NIFTY PHARMA

Nifty AUTO index closed the week on negative note losing around 3.50%.
where the index has formed a top in the month of January-2015. If the index manages to break
below these levels then the index can drift to the levels of 8500 to 8600 where long term moving
averages are lying. During the week the index manages to hit a low of 8771 and close the week
around the levels of 8984.
Support for the index lies in the zone of 8550 to 8750 where long term moving averages are ly-
ing. If the index manages to close below these levels then the index can drift to the levels of 8300
where the index has taken support in the month of June-2016.
Resistance for the index lies in the zone of 9200 to 9250 where the index had a gap down open-
ing on 15/11/2016. If the index manages to close above these levels then the index can move to
the levels of 9450 to 9500 where short term and medium term moving averages are lying.
Broad range for the index is seen from 8500 to 8550 on downside to 9250 to 9300 on upside.
NIFTY AUTO

Nifty ENERGY index closed the week on absolutely flat note.
As we have mentioned last week that support for the index lies in the zone of 9500 to 9550 from
where the index has bounced in the month of September - 2016 and medium term moving aver-
ages are lying. If the index manages to close below these levels then the index can drift to the lev-
els of 8800 to 9000 from where the index has broken out of the double top pattern. During the
week the index manages to hit a low of 9575 and close the week around the levels of 9797.
Support for the index lies in the zone of 9500 to 9550 from where the index has bounced in the
month of September - 2016 and medium term moving averages are lying. If the index manages to
close below these levels then the index can drift to the levels of 8800 to 9000 from where the in-
dex has broken out of the double top pattern.
Resistance for the index lies in the zone of 9850 to 10000 from where the index has broken down
from the lows of October - 2016. If the index manages to close above these levels then the index
can move to the levels of 10200 to 10300 where the index has made a top in the month of Octo-
ber-2016.
Broad range for the index is seen between 9500 to 9550 on downside to 10000 to 10100 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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