EquityPandit’s Outlook for Nifty for week (September 14, 2015 – September 18, 2015):
CNX Nifty ended the week on positive note gaining more than 1%.
As we have mentioned last week that 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 and the index manage to hit a low of 7539 and bounce back to the levels of around 7850.
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. There are many global events next week so we can see very high levels of volatility. Major event which the markets have to dealt will be FED outcome.
If the index breaks below the levels of 7500 on closing basis the index can move to the levels of 7200.
As we have mentioned last week that if the index manages to move above the levels of 7820 the index can move to the levels of 8000. Index manages to move above the levels of 7820 but could not close above that level. So next week if index manages to close 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 8000 to 8100 on upside.