EquityPandit’s Outlook for Nifty for week (August 10, 2015 – August 14, 2015):
Nifty ended the week on positive note gaining around 0.5%.
The index has been struggling to move past the resistance zone of 8600 on closing basis. On 06/08/2015 and 07/08/2015, the index could not close above the levels of 8600 and was witnessing constant selling pressure.
If the index manages to close above the levels of 8650 the index can move to the levels of around 8800.
Support for the index lies in the zone of 8400 to 8500 where short term and long term moving averages are positioned.
Resistance for the index lies in the zone of 8700 to 8750 where upper end of the channel is positioned.
Range of the week is seen from 8400 to 8450 on downside to 8700 to 8750 on upside.