EquityPandit’s Outlook for Nifty for week (July 20, 2015 – July 24, 2015):
Nifty ended the week with the gain of around 3%.
As we have suggested that the index has formed a hammer pattern on 10/07/2015 in downtrend indicating the trend reversal. The index started the week on positive note.
As it is seen from the chart the index has moved above the key resistance zone of 8550 and the next targets for the index can be in the range of 8800.
The index is moving in a channel pattern from 26/06/2015 and according to that channel the next target for the index lies in the range of 8680 to 8720 levels.
Support for the index lies in the zone of 8400 to 8500 where 100 Daily SMA, 200 Daily SMA and trend-lines are positioned.
Range for the week is seen from 8350 to 8450 on downside to 8750 to 8850 on upside.