Weekly Outlook for Nifty and major indices

DATE: 14/08/2015

WEEKLY OUTLOOK FOR

NIFTY AND

MAJOR INDICES

(17/08/2015 - 21/08/2015)

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Jagrut Shah Darpan Shah

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CNX NIFTY PAGE 2


CNX Nifty ended the week on negative note losing around 0.5%.

As we have been mentioning since last 2 weeks that the index is facing stiff resistance in the

zone of 8550 to 8600, the index made a high of 8621 and the index sold off to the levels of

8338 during the week before recovering back to the levels of 8520 on 14/08/2015.

Since last 1 month the index has been moving in the range of 8300 on downside to 8650 on

upside. If the index breaks below 8300 the index can drift to the levels of 8000 and if the in-

dex breaks above the levels of 8650 the index can move to the levels of 8800 to 8900.

If in the coming week, the index manages to close above the levels of 8600 the index can

move to the levels of around 8800.

Support for the index lies in the zone of 8400 to 8500 where short term and long term mov-

ing averages are positioned.

Resistance for the index lies in the zone of 8700 to 8750 where upper end of the channel is

positioned.

Range of the week is seen from 8400 to 8450 on downside to 8700 to 8750 on upside.


Bank Nifty ended the week on negative note losing around 1%.

As we have been mentioning since last 2 weeks that the index is facing significant resistance

around the zone of 19100 to 19200 levels where upper end of downward sloping channel is

positioned, this week also the index has hit a high of 19070 levels and retraced back to the

levels of 18030 before closing the week around the levels of 18730.

As we have mentioned last week that if 18800 on the index is broken the index can drift to

the levels of 18650 where short term moving averages are positioned. Around the zone of

18400 - 18500 the index has major support where 100 Daily SMA and 200 Daily SMA are po-

sitioned, but the index drifted to the levels of 18000 where upwards moving trend-line was

positioned.

Support for the index lies in the zone of 18000 to 18300 where short term and long term

moving averages are positioned.

Resistance for the index lies in the zone of 19000 where downward sloping channel is posi-

tioned above which the index can move to the levels of 19500.

Range for the week is seen from 18300 to 18500 on downside to 19200 to 19500 on upside.

BANK NIFTY


CNX IT index closed the week on positive note gaining around 4%.

As we have mentioned last week that if the index manages to close above the levels of 11800

the index can move to the levels of 12800 to 13000 in 1 to 2 months time frame and the in-

dex has hit a high of 12129 during the week.

As we have mentioned last week that the index has formed a Bullish engulfing pattern on

monthly charts. If the index manages to close above the levels of 11800 the index will break-

out of the 3 months consolidation, and the index can move to the levels of 12800 within 1 to

2 months time frame.

Support for the index lies around the zone of 11600 to 11800 from where the index has bro-

ken out and also the long term moving averages are positioned.

Resistance for the index lies in the zone of 12400 to 12500.

Broad range for the index in the coming week is seen from 11600 on downside to 12400 on

upside.

CNX IT


CNX FMCG index closed the week on negative note losing around 2.5%.

As we have mentioned last week that the index has formed a Doji pattern on weekly charts

indicating the indecision among the traders about the further direction of the index and the

index corrected to the levels of 20180 during the week.

The index has formed a Evening star pattern on weekly charts indicating the trend reversal

in an uptrend. The index has to move above the levels of 21000 to negate this pattern.

The index has formed a Doji on daily charts indicating the exhaustion of selling pressure. If

the index manages to close above the levels of 20500 the short term downtrend will reverse.

Support for the index lies in the zone of 20000 to 20200 where upward moving trend-line

and 100 Daily SMA are positioned.

Resistance for the index lies in the zone of 20400 where 200 Daily SMA is positioned. If the

index manages to close above the resistance zone of 20400 the index can move to the levels

of 21000.

Broad range for the index in the coming week is seen from 19800 on downside to 20800 on

upside.

CNX FMCG


CNX PHARMA index closed the week on positive note gaining around 4%.

As we have mentioned last week that if the index move above the levels of 12800 the index

can move to the levels of 13200 and the index hit a high of 13238 and retraced back to the

levels of 13137.

The index has formed a Shooting star pattern on monthly charts in an uptrend. The index has

to sustain above the levels of 13200 on closing basis on monthly charts to negate this pat-

tern.

Support for the index lies in the zone of 12500 to 12800 from where the index broke out and

short term moving averages are positioned.

Resistance for the index lies in the zone of 13600 where upward moving trend-line is posi-

tioned.

Broad range for the index is seen from 12500 to 12700 on downside to 13400 to 13600 on

upside.

CNX PHARMA


CNX AUTO index closed the week on negative note losing around 2%.

As we have mentioned last week that the index has formed a Shooting star pattern on daily

charts on 07/08/2015 indicating the trend reversal in an uptrend and the index corrected to

the levels of 8400 before closing the week on 8618 levels.

The index has formed a Morning star pattern on daily charts in downtrend indicating the

trend reversal. The index managed to close above the downward sloping trend-line from

where the index had broken out last week.

Support for the index lies in the zone of 8400 to 8500 from where the index has broken out,

short term moving averages and long term moving averages are positioned around this lev-

els.

Resistance for the index lies in the zone of 8800 to 8850 above which the index can move to

the levels of 9000.

Broad range for the index is seen from 8400 to 8500 on downside to 8900 to 9000 on upside.

CNX AUTO


CNX ENERGY index closed the week on negative note losing around 3%.

As we have mentioned last week that the support for the index lies in the zone of 8600 below

which the index can drift to the levels of around 8100 where 1000 Daily SMA is lying and the

index hit a low of 8227 and closed the week at around the levels of 8418.

The index has formed a Morning star pattern on daily charts in an downtrend indicating the

trend reversal.

The index has formed a Shooting Star pattern on monthly charts in an uptrend indicating the

trend reversal. The index has to close above the levels of 9000 to negate bearish pattern on

monthly charts.

Support for the index lies in the zone of 8100 to 8200 where 1000 Daily SMA and 200

Weekly SMA are positioned.

Resistance for the index lies in the zone of 8500 to 8600 where downward sloping trend-line

and 100 & 500 Daily SMA are positioned.

Broad range for the index is seen between 8100 to 8200 on downside to 8600 to 8650 on up-

side.

CNX ENERGY


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Weekly Outlook for Nifty and major indices

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