Weekly Outlook for Bank Nifty and its main components (August 03, 2015 to August 07, 2015)

DATE: 31/07/2015

WEEKLY OUTLOOK FOR BANK N IFTY AND

ITS MAIN COMPONENTS

(03/08/2015 - 07/08/2015)

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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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Bank Nifty ended the week on absolutely flat note. As we have suggested last week that the index has formed a Bearish engulfing pattern on weekly charts and index corrected to the levels of 18187 before recovering to end the week on high around the levels of 18700. This week the index has formed a Hammer pattern in downtrend indicating the trend rever-sal. As seen from the charts above if the index manages to close above the levels of 18850 the in-dex can move to the levels of 19200 where upper end of downward sloping channel is posi-tioned. On 04/08/2015, RBI is announcing the quarterly policy which will decide the direction of the markets going forward. Technically the support for the index lies in the zone of 18400 to 18600 where short term & long term moving averages are positioned. Range for the week is seen from 18300 to 18500 on downside to 19200 to 19500 on upside.

BANK NIFTY


HDFC Bank closed the week on absolutely flat note. As we have suggested last week that we expect the stock to consolidate in the range of 1080 to 1130 levels and the stock moved between 1070 on downside to 1121 on upside during the week. Since last 2 weeks the stock has been consolidating in this range and forming Doji pattern on weekly charts indicating the indecision among the traders about the further direction of the stock. So coming week if the stock manages to close above the levels of 1120 the stock can move to the levels of 1140 to 1150 where upper end of the channel is positioned. If the stock breaks below the levels of 1080 the stock can drift to the levels of 1060. Support for the stock lies in the range of 1080 to 1100 where short term moving averages are positioned. Broad range for the stock in the coming week can be 1070 - 1090 on lower side to 1140 - 1160 on upper side.

HDFC BANK


ICICI Bank closed the week on absolutely flat note. As we have been suggesting since last 2 weeks that the stock has very important support around the levels of 280 where long term trend-line support and 100 Weekly SMA is lying and this week also the stock took support around the levels of 282 and bounce to the levels of 309. On 31/07/2015, after the quarterly results the stock moved northwards but could not sus-tain above the trend-line resistance positioned around the levels of 310. The stock has formed a Hammer pattern on weekly charts in downtrend indicating the trend reversal. If the stock manages to sustain above the zone of 310 to 312 the stock can move to the levels of 325 where 200 Daily SMA is lying. Support for the stock lies in the range of 290 to 295 where short term moving averages and trend-line support for the stock lies. Broad range for the stock in the coming week can be 285 - 290 on lower side to 325 - 330 on upper side.

ICICI BANK


Axis Bank closed the week on negative note losing around 1%. As we have mentioned last week that the stock has formed a Bearish Harami pattern on Weekly Charts in an medium term uptrend which indicates the trend reversal and the stock corrected to the levels of 550 before bouncing back to the levels of 580. The stock has formed a Hammer pattern on weekly charts in downtrend indicating the trend reversal. If the stock manages to close above the levels of 580 the stock can move to the lev-els of 600 where trend-line resistance for the stock lies. Support for the stock lies in the zone of 560 to 570 where 50 Daily EMA and 100 Daily SMA are lying. Resistance for the stock lies in the range of 600 to 610. Broad range for the stock in the coming week can be 555 - 565 on lower side to 610 - 620 on upper side.

AXIS BANK


SBIN closed the week on positive note gaining more than 2%. The stock is consolidating in the range of 250 to 255 on lower end to 275 to 280 on upper end since last 1 month. The stock has formed a Bullish Harami pattern on monthly charts in downtrend indicating the trend reversal. If the stock manages to close above the levels of 275 to 280 the stock can move to the levels of 300. The stock can face resistance around the levels of 280 where 200 Daily SMA is lying. Support for the stock lies in the range of 255 to 260 where short term moving averages and trend-line support are positioned. Resistance for the stock lies in the range of 270 to 280 where long moving averages and trend-line resistance are lying. Broad range for the stock in the coming week can be 255 - 260 on lower side to 280 - 285 on upper side.

SBIN


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Weekly Outlook for Bank Nifty and its main components (August 03, 2015 to August 07, 2015)

Economy & Finance

Transcript of Weekly Outlook for Bank Nifty and its main components (August 03, 2015 to August 07, 2015)