EquityPandit’s Outlook for Nifty and Major indices for week (June 22, 2015 – June  26, 2015):

CNX NIFTY

 

 

Nifty ended the week with the gain of around 3%.

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

On weekly basis the index has formed the Bullish engulfing pattern.

The index is approaching towards the strong resistance zone of 8300 where medium term moving averages and trend-line are lying. 50 Daily EMA is lying around the levels of 8280 and as seen from the chart the downward sloping trend-line is also lying around the levels of 8300 which will provide resistance to any up-move in the index.

The coming week is the expiry week so we can see some volatility in the markets.

Put options in 8000, 8100 and 8200 strike prices have the average Open Interest buildup of around 50.00 lacs each which will provide support to any correction.

Call options in 8300, 8400 and 8500 strike prices have the Open Interest buildup of close to 50.00 lacs shares which will provide resistance to any up-move.

Range for the week is seen from 8000 on downside to 8400 on upside.

 

CNX BANKNIFTY

 

For the week, Bank Nifty ended with the gain of around 2% highly under performing the Nifty which gained close to 3%.

As we have suggested last week that the index has formed a doji on weekly chart in downtrend which may suggest exhaustion of selling pressure and the index bounced back from the levels of 17300. 

The index is entering  into strong resistance zone of 18000 where medium term and long term moving averages are lying.

200 Daily SMA and 50 Daily EMA are lying around the levels of 18000 which will provide stiff resistance to any upside momentum.

Call options in 18000 strike price has close to 6.00 lacs outstanding which will provide resistance to the index.

Broad range for the index in coming week is seen from 17500 on downside to 18200 on upside.

 

 CNX IT

 

 

CNX IT index closed the week on positive note gaining around 2%.

This week also the index has taken the support around the levels of 10900 and bounced back. On daily chart the index has made a double bottom around the levels of 10900.

As seen from the chart the index will face resistance around the levels of 11500 where downward sloping trend-line is lying.

We are cautious on the index as the index lost around 130 points from the highs on 19/06/2015 in last 30 mins.

For the coming week if the index sustains above the levels of 11350 then only we may see the index moving upwards.

Broad range for the index in the coming week is seen from 11000 on downside to 11500 on upside.

CNX FMCG

 

 

CNX FMCG index closed the week on positive note gaining more than 2%.

As we have predicted last week that the index will take support around the levels of 18500 to 18700 range and the index hit the low of 18730 and bounced back to the levels of 19500.

The index has formed the Bullish engulfing pattern on weekly charts.

The index is approaching towards the strong resistance zone of 19600 to 19800 where medium term moving averages and trend-line are lying. As seen from the chart the index will face resistance at the upward moving trend-line around the levels of 19700. Also 50 Daily EMA lies in the range of 19700 which will provide stiff resistance.

As seen from the chart, index opened gap down on 03/06/2015 at the levels of 19600 so that zone will also provide some resistance.

Short term moving averages are lying in the range of 19200 which will provide some support to the index.

Broad range for the index in the coming week is seen from 18800 on downside to 19600 on upside.

 CNX PHARMA

 

 

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

The index has formed the Bullish engulfing pattern on weekly charts.

The index is approaching towards the strong resistance zone of 12000 to 12200.

As seen from the chart the index is moving towards the downward sloping trend-line lying around the levels of 12000. 50 Daily EMA and 100 Daily SMA are lying around the levels of 12000 and 12200 respectively which will provide stiff resistance to any up-move.

Short term moving averages are lying in the range of 11650 to 11750 which will provide support to the index in any correction.

Broad range for the index is seen from 11500 on downside to 12200 on upside.

CNX AUTO

 

 

 

CNX AUTO index closed the week on positive note gaining more than 4%.

As we have suggested last week that the index has to close above the trend-line support, the support which was holding the index on every correction since October 2014.

On 15/06/2015 the index successfully closed above the support zone of 7900 and bulls came charging and took the index to the levels of 8200.

The index is approaching towards the strong resistance zone of 8300 to 8400 where medium  and long term moving averages are lying.

As seen from the chart the index will face resistance around the levels of 8400 where downward sloping trend-line is lying. Above the levels of 8400 trend-line resistance, the index can rise to the levels of around 8600.

Short term moving averages are lying in the zone of 8100 to 8200 which will provide support to the index in any correction.

Broad range for the index is seen from 8000 to 8100 on downside to 8400 to 8500 on upside.

CNX ENERGY

 

 

CNX ENERGY index closed the week on positive note gaining around 6%.

As we have suggested the index is consolidating in the range of 8200 to 8700 from last 2 months and a break of this level will see index moving further 2% to 3% in that direction, and index broke out of the range on upside and close the week on 8880 levels.

As seen from the chart the index has closed at the neckline of the inverted Head & Shoulder pattern lying around the levels of 8900 and 200 Daily SMA is also lying around the levels of 8900.

A close above the levels of 8900 for couple of days will take the index to the levels of 9100 to 9200 where trend-line resistance is lying.

The targets for the breakout of the inverted Head & Shoulder pattern can be in the range of  9800 to 10000 on the index.

Multiple support tor the index lies in the range of 8500 to 8600.

Broad range for the index is seen between 8500 on downside to 9200 on upside.