EquityPandit’s Outlook for Nifty for week (September 07, 2015 – September 11, 2015):
CNX Nifty ended the week on negative note losing more than 4%.
As we have mentioned last week that if the index breaks below the levels of 7800 the index can move to the levels of 7600 and the index hit a low of 7627 during the week.
During the week the index could not manage to move above the levels of 8100 and the index sold off to the levels of around 7600.
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 7400 on downside to 7900 on upside.
If the index breaks below the levels of 7620, where downward moving trend-line is positioned, the index can move to the levels of 7500 where 500 Daily SMA is positioned.
If the index manages to move above the levels of 7820 the index can move to the levels of 8000.
Range of the week is seen from 7400 to 7500 on downside to 7850 to 7900 on upside.