Weekly Outlook on Nifty and major Indices (July 13,2015 - July 17,2015)

DATE: 10/07/2015

WEEKLY OUTLOOK FOR N IFTY AND

MAJOR INDICES

(13/07/2015 - 17/07/2015)

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CNX NIFTY PAGE 2


Nifty ended the week with the loss of around 1.5%. The index virtually underperformed the global markets which remain flat to positive for the week. The index has formed a Shooting star pattern on the weekly charts. After all the Greek Drama during the week the index has retraced back from the levels of 8550 where trend-line resistance was positioned. The index has formed a hammer pattern on 10/07/2015 in downtrend indicating the trend reversal. From the chart it is seen that the index has the minor trend-line resistance around the levels of 8550. If index manages to move above the levels of 8550 to 8600 we can see index moving towards the levels of 8800. Support for the index lies in the zone of 8200 to 8300 where 50 Daily EMA and trend-lines are positioned. Range for the week is seen from 8200 to 8300 on downside to 8600 to 8700 on upside.


Bank Nifty ended the week on absolutely flat note. As we have suggested the index is approaching towards the strong resistance zone of 18900 to 19100 where trend-line and upward moving channel are positioned and the index hit the high of 18980 during the week and retraced back to the levels of 18400. The index has been out-performing the Nifty and ended the week on flat note. Above the resistance zone of 19000 the index can move to the levels of 19400 where down-ward sloping channel is positioned. Support for the index lies in the zone of 18300 to 18500 where short term moving averages, long term moving averages and trend-line are positioned. Range for the week is seen from 18300 to 18500 on downside to 19100 to 19250 on upside.

BANK NIFTY


CNX IT index closed the week on negative note losing around 3.5%. There has been continuous news flow from the IT giants from around the globe about the earnings slowdown which is also affecting the IT index in India and the index is seen under-performing compared to the other indices. IT giant TCS came out with subdue set of results which broke the index down. As we have suggested if the results of the company disappoints we may see index breaking down from the levels of 10900 to 11000 which was acting as strong support for the index and the index broke down from that levels and hit the levels of 10750. As seen from the charts the index has broken down from the large Head & Shoulder pattern for which the targets can be in the range of 9000 levels. Support for the index lies around the levels of 10500 where long-term trend-line is posi-tioned. The index has to sustain above the levels of 11000 for couple of days to negate this pattern. Broad range for the index in the coming week is seen from 10500 on downside to 11200 on upside.

CNX IT


CNX FMCG index closed the week on negative note losing around 1.7%. As we have been suggesting the index is approaching towards the strong resistance zone of 20300 to 20500 where 100 Daily SMA and downward sloping trend-line are positioned and the index hit the high of 20439 and retraced back to the levels of 19760. On 10/07/2015 the index has taken support around the rising trend-line positioned around the levels of 10800 and the index closed above the 20 Daily EMA and 50 Daily EMA posi-tioned around the levels of 19850. Above the levels of 20300 the index can move towards the levels of 21000. Below the levels of 19800 the index can move to the levels of 19200 to 19500. Broad range for the index in the coming week is seen from 19500 on downside to 20500 on upside.

CNX FMCG


CNX PHARMA index closed the week on positive note gaining more than 2.0%. During the week the index managed to close above the strong resistance zone of 12300 where 100 Daily SMA was positioned. As we have suggested that the index has formed the Shooting Star pattern on Daily chart in an uptrend on 03/07/2015 and the index has to close above the levels 12350 to negate this pattern and index managed to close above the levels of 12350 during the week. If index manages to close above the levels of 12300 we may see index moving towards the levels of 12750 where trend-line resistance are positioned. As seen from the charts the index can face resistance around the zone of 12750 were trend-line is positioned. Support for the index lies in the zone of 12100 to 12300 where short term moving averages and 100 Daily SMA are positioned. Broad range for the index is seen from 12100 on downside to 12800 on upside.

CNX PHARMA


CNX AUTO index closed the week on negative note losing around 3%. As we have suggested last week that the index has closed around the strong resistance zone of 8500 where 100 Daily SMA is lying. The index is also approaching towards the channel re-sistance which is positioned around the levels of 8650. During the week the index failed to sustain over the levels of strong resistance zone of 8500 and sold off during the week and close the week on lowest point of 8230 levels. Support for the index is lying in the zone of 8150 to 8200 below which the index can drift to the levels of 7900. Resistance for the index lies in the zone of 8400 to 8500 where short term and long term moving averages are positioned. Broad range for the index is seen from 8100 to 8150 on downside to 8400 to 8500 on upside.

CNX AUTO


CNX ENERGY index closed the week on negative note losing around 2.5%. As we have suggested last week that the index is facing strong resistance around the zone of 9000 and the index is struggling to close above 9000 levels. This week also the index does not manage close above the levels of 9000 and the index sold off during the week. The index has formed a Hammer pattern on 10/07/2015 on daily charts in a downtrend in-dicating the trend reversal. Support for the index lies in the zone of 8550 to 8650 where 50 Daily EMA and 100 Daily SMA are positioned. Resistance for the index is lying in the zone of 8900 to 9000 where 200 Daily SMA and trend-line are positioned. Broad range for the index is seen between 8600 on downside to 9000 on upside.

CNX ENERGY


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Weekly Outlook on Nifty and major Indices (July 13,2015 - July 17,2015)

Economy & Finance

Transcript of Weekly Outlook on Nifty and major Indices (July 13,2015 - July 17,2015)