CNX Nifty:

Nifty ended the week with the cuts of around 1.5%.

 As we have suggested last week that the index will take support around the levels of 7950 – 8000 where many trend-line support lies.

 Even during the week the index bounced back from this level but could not sustain and sold off.

 As seen from the charts the index is just trading at around the important trend-line support . The break of this trend-line on closing basis will take the index to the levels of around 7700.

 So next week it will be very crucial for the bulls to hold on to this levels.

 Global markets are also edgy on the Greek issue.

 Also some heavy activity has been witnessed in the 7600 & 7700 put options.

 For the coming week we may see index in the range of 7700 on downside to 8200 on upside with very high intraday volatility.

BankNifty

 

For the last week, Bank Nifty ended almost flat with huge volatility.

As EquityPandit predicted last week that index will take support around the levels of 17200 and exactly same happened. Index hit the low of around 17175 and bounced back.

Index has formed a doji on weekly chart in downtrend which may suggest exhaustion of selling pressure.

In the process index took support around the trend-line. As seen from the chart if 17200 level breaks on closing basis we may see the levels of 16700 on the index, where long term trend-line support lies.

For the coming week we may see bulls trying to protect the levels of 17150.

Broad range for the week is seen from 16800 to 17200 on downside to 17800 to 18000 on upside.

 

CNX IT

 

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

As EquityPandit predicted last week that the index has broken the upper trending channel which was providing the support since it hit the low of 10900 in the month of May and we were cautious on the index.

As per our report last week suggesting the index will take support around the trend-line lying in the range of 11000 and index hit the low of 10930 and bounce back.

A break of this level on closing basis will take the index to the levels of around 10500 where long term trend-line lies.

This week also we are cautious on the index and watching the levels of 11000 very carefully.

Broad range for the index in the coming week is seen from 10500 – 10800 on downside to 11300 – 11500 on upside.

CNX FMCG

 

For the week ended 12/06/2015 the index closed on a negative note losing more than 2%.

 As we have suggested last week that if the index doesn’t able to hold the levels of 19000 on closing basis there is every chance the index can drift lower to the next support zone of 18500 to 18700.

 As per our expectation the index doesn’t able to hold to the levels of 19000 and drift lower to the levels of around 18700.

 500 Daily SMA lies in the range of 18500 which can provide support to the index.

 For the coming week we may see index taking support around the levels of 18500 and bounce back.

 Upside for the index is capped around the levels of 19300 to 19500, where short term moving averages are lying and will provide some resistance.

Broad range for the index is seen between 18300 to 18500 on downside and 19300 to 19500 on upside.

CNX PHARMA 

For the week ended 12/06/2015 the index closed on a negative note losing more than 2% and around 300 points in absolute terms.

The index has closed below the psychological level of 200 Daily SMA which was lying around the levels of 11400.

As seen from the chart next support for the index is seen around the levels of 10600 where downward sloping channel and long term trend line support lies.

50 Weekly EMA lies in the range of 11000 which may provide some support to the index.

Strong resistance for the index lies in the range of 11500 to 11750.

Broad range for the index is seen from 10800 to 11000 on downside to 11500 to 11750 on upside.

CNX AUTO

 

For the week ended 12/06/2015 the CNX Auto index closed on the negative note losing more than 2%.

As per our report the index took support in the range of 7900 to 8000 levels.

As seen from the chart the index has closed around the trend-line support, the support which was holding the index on every correction since October 2014.

The index has to close above this level for couple of days for any recovery in the index.

Inability of index holding this support can take the index to the levels of around 7600 to 7700 where long term trend-line is lying.

Many short term moving averages are lying in the range of 8100 to 8200 which will provide some resistance to the index.

We expect the index to move in the range of 7600 to 7700 on downside and 8150 to 8200 on upside.

CNX ENERGY

 

For the week ended 12/06/2015 the CNX Energy index closed on the negative note losing around 2%.

For last 2 months the index is seen consolidating in the range of around 8200 on lower side to 8700 on upper side.

 For the coming week we expect the index to consolidate in the range of 8100 to 8200 on downside and 8500 to 8600 on upside.

 Multiple short term and medium term moving average resistances are lying in the range of 8500 to 8600 levels.

Broad range for the index is seen between 8200 on downside to 8600 on upside.

 Any break of this level will see index moving further 2 – 3% in that direction.

We expect the index to move in the range of 7600 to 7700 on downside and 8150 to 8200 on upside.