Weekly Outlook for Bank Nifty and its main components (November 07, 2016 - November 11, 2016)

DATE: 04/11/2016
WEEKLY OUTLOOK FOR
NIFTY BANK AND
ITS MAIN COMPONENTS
(07/11/2016 - 11/11/2016)
© 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
Gujarat
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Nifty Bank ended the week on negative note losing around 2.40%.
As we have mentioned last week that minor support for the index lies in the zone of 19400 to
19500. Support for the index lies in the zone of 19000 to 19100 from where the index has broken
out of the 4 weeks of consolidation 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 18500 where the in-
dex has formed a base in the month of July - 2016 and August - 2016. During the week the index
manages to hit a low of 18961 and close the week around the levels of 19058.
Support for the index lies in the zone of 19000 to 19100 from where the index has broken out of
the 4 weeks of consolidation 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 18500 where the index has
formed a base in the month of July - 2016 and August - 2016. If the index breaks below these lev-
els then the index can drift to the levels of 18050 to 18200 where the index has formed a gap.
Minor resistance for the index lies in the zone of 19400 to 19500 where the index has formed a
gap on 02/11/2016. Resistance for the index lies in the zone 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 18200 to 18300 on downside to 19400 to 19500 on upside.
NIFTY BANK

HDFC Bank closed the week on negative note losing around 0.80%.
As we have mentioned last week that minor support for the stock lies in the zone of 1250 to
1255. Support for the stock lies in the zone of 1220 to 1230 where the stock has made a bot-
tom in the month of August - 2016 and medium term moving averages are lying. If the stock
manages to close below these levels then the stock can drift to the levels of 1200 from where
the stock broke out of the tops formed in May - 2016 and June - 2016. During the week the
stock manages to hit a low of 1232 and close the week around the levels of 1244.
Support for the stock lies in the zone of 1220 to 1230 where the stock has made a bottom in
the month of August - 2016 and medium term moving averages are lying. If the stock man-
ages to close below these levels then the stock can drift to the levels of 1200 from where the
stock broke out of the tops formed in May - 2016 and June - 2016.
Resistance for the index lies in the zone of 1260 to 1270 where the stock has formed a short
term top. If the stock manages to close above these levels then the stock can move to the lev-
els of 1320 where the stock has made a top in the month of September - 2016.
Broad range for the stock in the coming week can be 1220 on lower side to 1270 on upper
side.
HDFC BANK

ICICI Bank closed the week on negative note losing around 2.60%.
As we have mentioned last week that minor support for the stock lies in the zone of 269 to
271. Support for the stock lies in the zone of 262 to 264 where short term moving averages
are lying. If the stock manages to close below these levels then the stock can drift to the lev-
els of 252 to 255 where medium term moving averages are lying. During the week the stock
manages to hit a low of 265 and close the week around the levels of 270.
Support for the stock lies in the zone of 262 to 264 where short term moving averages are
lying. If the stock manages to close below these levels then the stock can drift to the levels of
255 to 257 where medium term moving averages are lying.
Resistance for the stock lies in the zone of 281 to 283 where 500 Daily SMA is lying. If the
stock manages to close above these levels then the stock can move to the levels of 293 to 295
from where the stock has sold off in the month of October - 2015.
The company is going to announce the quarterly results in this week so we expect to stock to
be highly volatile.
Broad range for the stock in the coming week can be 260 - 262 on lower side to 288 - 290 on
upper side.
ICICI BANK

Axis Bank closed the week on negative note losing around 1.80%.
As we have mentioned last week that the stock has closed just below the 200 Daily SMA lying
around the levels of 493 to 498. Minor support for the stock lies in the zone of 475 to 480.
Support for the stock lies in the zone of 455 to 460 from where the stock has bounced in the
month of May - 2016. If the stock closes below these levels then the stock can drift to the lev-
els of 420 to 430. During the week the stock manages to hit a low of 468 and close the week
around the levels of 479.
Minor support for the stock lies in the zone of 475 to 480. Support for the stock lies in the
zone of 455 to 460 from where the stock has bounced in the month of May - 2016. If the
stock closes below these levels then the stock can drift to the levels of 420 to 430.
Resistance for the stock lies in the zone of 500 to 510 where the stock has opened gap down
on back of weak quarterly results and 200 Daily SMA is lying. If the stock manages to close
above these levels then the stock can move to the levels of 530 to 540 where short term and
medium term moving averages are lying.
Broad range for the stock in the coming week can be 460 - 465 on lower side to 500 - 505 on
upper side.
AXIS BANK

SBIN closed the week on negative note losing around 5.70%.
As we have mentioned last week that resistance for the stock lies in the zone of 263 to 265
where the stock has formed a double top pattern. If the stock manages to close above these
levels then the stock can move to the levels of 272 where the stock has made a top in the
month of September - 2016. During the week the stock manages to hit a high of 261 and
close the week around the levels of 243.
Minor support for the stock lies in the zone of 240 where medium term moving averages are
lying. Support for the stock lies in the zone of 234 to 236 from where the stock bas broken
out of the top formed in the month of July - 2016. If the stock manages to close below these
levels then the stock can drift to the levels of 220 to 223 where it has bounced multiple times
in the month of July - 2016 and August - 2016.
Minor resistance for the stock lies in the zone of 248 to 250. Resistance for the stock lies in
the zone of 263 to 265 where the stock has formed a double top pattern. If the stock manages
to close above these levels then the stock can move to the levels of 272 where the stock has
made a top in the month of September - 2016.
Broad range for the stock in the coming week can be 233 to 235 on lower side to 255 to 258
on upper side.
SBIN

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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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Weekly Outlook for Bank Nifty and its main components (November 07, 2016 - November 11, 2016)

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Weekly Outlook for Bank Nifty and its main components (November 07, 2016 - November 11, 2016)