Weekly Outlook for Bank Nifty and its main components (June 06, 2016 to June 10, 2016)

Information about Weekly Outlook for Bank Nifty and its main components (June 06, 2016 to...

Published on June 4, 2016

Author: equitypandit

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1. DATE: 03/06/2016 WEEKLY OUTLOOK FOR NIFTY BANK AND ITS MAIN COMPONENTS (06/06/2016 - 10/06/2016) © EquityPandit Financial Services Pvt. Ltd. | www.equitypandit.com | [email protected] 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. PAGE 2 © EquityPandit Financial Services Pvt. Ltd. | www.equitypandit.com | [email protected] Nifty Bank ended the week on positive note gaining around 1.00%. As we have mentioned last week that resistance for the index lies in the zone of 18000 from where the index has sold off in the month of Oct - 2015. If the index manages to close above these levels then the index can move to the levels of 19000. During the week the index man- ages to hit a high of 17762 and close the week around the levels of 17681. Support for the index lies in the zone of 17000 from where the index has broken out of the double top formation. If the index manages to close below these levels then the index can drift to the levels of 16500 where 200 Daily SMA is lying. Resistance for the index lies in the zone of 18000 from where the index has sold off in the month of Oct - 2015. If the index manages to close above these levels then the index can move to the levels of 19000. Range for the week is seen from 17000 to 17100 on downside to 18100 to 18200 on upside. NIFTY BANK

3. PAGE 3 © EquityPandit Financial Services Pvt. Ltd. | www.equitypandit.com | [email protected] HDFC Bank closed the week on negative note losing around 1.30%. As we have mentioned last week that the stock has broken out of multi month consolidation and virtually no resistance lies. Resistance for the stock lies in the zone of 1200. During the week the stock manages to hit a high of 1195 and close the week around the levels of 1172. Minor support for the stock lies in the zone of 1165 to 1170. Support for the stock lies in the zone of 1120 to 1130 where trend-line joining earlier highs is lying. If the stock manages to close below these levels then the stock can drift to the levels of 1050 to 1060 where 100 & 200 Daily SMA is lying. The stock has broken out of multi month consolidation and virtually no resistance lies. Resis- tance for the stock lies in the zone of 1200. Broad range for the stock in the coming week can be 1130 on lower side to 1200 on upper side. HDFC BANK

4. PAGE 4 © EquityPandit Financial Services Pvt. Ltd. | www.equitypandit.com | [email protected] ICICI Bank closed the week on absolutely flat note. As we have mentioned last week that resistance for the stock lies in the zone of 250 to 255 where 200 Daily SMA and 200 Weekly SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 260 to 265. During the week the stock man- ages to hit a high of 249 and close the week around the levels of 244. Support for the stock lies in the zone of 225 to 230 where short term moving averages and 100 Daily SMA is lying. Support for the stock lies in the zone of 205 to 210 where the stock has opened gap up on 02/03/2016. If the stock manages to close below these levels then the stock can drift to the levels of 180 where the stock has made a medium term bottom. Resistance for the stock lies in the zone of 250 to 255 where 200 Daily SMA and 200 Weekly SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 260 to 265. Broad range for the stock in the coming week can be 225 - 230 on lower side to 255 - 260 on upper side. ICICI BANK

5. PAGE 5 © EquityPandit Financial Services Pvt. Ltd. | www.equitypandit.com | [email protected] Axis Bank closed the week on positive note gaining around 5.90%. As we have mentioned last week that resistance for the stock lies in the zone of 530 to 540 from where the stock has sold off in the month of Oct - 2015. If the stock manages to close above these levels then the stock can move to the levels of 550. During the week the stock manages to hit a high of 545 and close the week around the levels of 543. Minor support for the stock lies in the zone of 500 to 505. Support for the stock lies in the zone of 480 to 485 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 450 to 460 where 200 Daily SMA is lying. Minor resistance for the stock lies in the zone of 550. Resistance for the stock lies in the zone of 580 to 590 from where the stock has sold off in the month of July - August 2015. Broad range for the stock in the coming week can be 500 - 510 on lower side to 560 - 565 on upper side. AXIS BANK

6. PAGE 6 © EquityPandit Financial Services Pvt. Ltd. | www.equitypandit.com | [email protected] SBIN closed the week on absolutely flat note. As we have mentioned last week that resistance for the stock lies in the zone of 200 to 205 where 500 Weekly SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 215 where 200 Daily SMA is lying. During the week the stock manages to hit a high of 208 and close the week around the levels of 197. Support for the stock lies in the zone of 180 to 183 where short term moving averages and 100 Daily SMA are lying. If the stock manages to close below these levels then the stock can move to the levels of 163 from where the stock has opened gap up on 02-03-2016. Resistance for the stock lies in the zone of 205 to 215 where 500 Weekly SMA and 200 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 225 to 230 from where the stock has sold off in the month of Dec - 2015. Broad range for the stock in the coming week can be 180 to 183 on lower side to 208 to 212 on upper side. SBIN

7. PAGE 7 © EquityPandit Financial Services Pvt. Ltd. | www.equitypandit.com | [email protected] 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.

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