EquityPandit’s Outlook for Nifty for week (August 17, 2015 – August 21, 2015):
CNX Nifty ended the week on negative note losing around 0.5%.
As we have been mentioning since last 2 weeks that the index is facing stiff resistance in the zone of 8550 to 8600, the index made a high of 8621 and the index sold off to the levels of 8338 during the week before recovering back to the levels of 8520 on 14/08/2015.
Since last 1 month the index has been moving in the range of 8300 on downside to 8650 on upside. If the index breaks below 8300 the index can drift to the levels of 8000 and if the index breaks above the levels of 8650 the index can move to the levels of 8800 to 8900.
If in the coming week, the index manages to close above the levels of 8600 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.