EquityPandit’s Outlook for Nifty for week (August 31, 2015 – September 04, 2015):
CNX Nifty ended the week on negative note losing around 3.5%.
Global jitters hit the markets all over the world and all the global markets where down between 3% to 7%.
This week was very volatile and the index was moving everywhere.
Technically the index is trading below short term and long term moving averages which suggest the index is trading very weak and the high volatility can be witnessed during the week.
Coming week we can expect the markets to be quite volatile and broad range for the week can be 7700 on downside to 8300 on upside.
The index has formed a Hammer pattern on weekly charts in an downtrend.
If the index manages to close above the levels of 8100 the index can move to the levels of 8250 to 8300.
If the index breaks below the levels of 7800 the index can move to the levels of 7600.
Range of the week is seen from 7650 to 7700 on downside to 8350 to 8400 on upside.