DATE: 04/11/2016
WEEKLY OUTLOOK FOR
NIFTY BANK AND
ITS MAIN COMPONENTS
(07/11/2016 - 11/11/2016)
© EquityPandit Financial ...
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Nifty Bank ended the wee...
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HDFC Bank closed the wee...
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ICICI Bank closed the we...
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Axis Bank closed the wee...
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SBIN closed the week on ...
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Weekly Outlook for Bank Nifty and its main components (November 07, 2016 - November 11, 2016)

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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 index 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 levels 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.

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

  1. 1. 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. 305, Trinity Business Centre, L. P. Savani Road, Surat - 395009 Gujarat An ISO 9001:2008 Certified Company www.equitypandit.com
  2. 2. PAGE 2 © EquityPandit Financial Services Pvt. Ltd. | www.equitypandit.com | info@equitypandit.com 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
  3. 3. PAGE 3 © EquityPandit Financial Services Pvt. Ltd. | www.equitypandit.com | info@equitypandit.com 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
  4. 4. PAGE 4 © EquityPandit Financial Services Pvt. Ltd. | www.equitypandit.com | info@equitypandit.com 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
  5. 5. PAGE 5 © EquityPandit Financial Services Pvt. Ltd. | www.equitypandit.com | info@equitypandit.com 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
  6. 6. PAGE 6 © EquityPandit Financial Services Pvt. Ltd. | www.equitypandit.com | info@equitypandit.com 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
  7. 7. PAGE 7 © EquityPandit Financial Services Pvt. Ltd. | www.equitypandit.com | info@equitypandit.com About EquityPandit EquityPandit was established in year 2005. Today, EquityPandit is one of the Leading Equity Research Company in India, with around 33400 active subscribers around the globe, who enjoy huge profits in association with EquityPandit. We have been in this industry for a LONG time. In fact, we were among the First few Indian entities in the Advisory domain to venture onto the Inter- net. Today, we have subscribers... in 32 countries worldwide who trust us! We are an ISO Certified company for quality of our services. We were the First Company to bring research and advisory based on Tech- nical analysis on internet in India, until then, only investment research was available on internet in India. 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.
  8. 8. PAGE 8 © EquityPandit Financial Services Pvt. Ltd. | www.equitypandit.com | info@equitypandit.com EquityPandit Premium Services EP-F&O Special is EquityPandit’s huge profits generating package. In this service we provide you with an ex- cellent F&O calls in equity and Indexes like Nifty and bank Nifty. This service is basically for F&O Traders. Here you will receive 2-4 calls daily. Huge profits are earned every month. In this package we provide huge profits every month on consistent basis. Our subscribers earn huge profits every month. Know more about EP-F&O Special package EP-Basic is Intraday Package which is meant for intraday traders. Calls are provided live during market hours by SMS. 2-3 Intraday calls are given within a day. EquityPandit provides assured daily profits in this package i.e everyday you would end up with profits. High accuracy of 90-95% is maintained consistently. Know more about EP-Basic package EP-Investor is EquityPandit's Flagship product. This package is for short term investments. Recommenda- tions given in this package are midcap and smallcap multibaggers. Each and every call provided in this package gives 15-25% profits in short term and most of our call gives more than 100% profits in small time duration. A most famous and appreciated package among investors in Indian Stock Market. Know more about EP-Investor package

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