EquityPandit’s Outlook for Nifty for week (September 21, 2015 – September 25, 2015):
CNX Nifty ended the week on positive note gaining more than 2.5%.
As we have mentioned last week that if index manages to close above the levels of 7820, the index can move to the levels of 8000 and the index made the high of 8055 on 18/09/2015 but could not manage to close above 8000 levels.
Coming week will be the expiry week so index can be highly volatile. Options data suggest that the index should move in the range of 7750 on downside and 8100 on upside during the week.
Support for the index lies around the levels of 7750 to 7800. If the index breaks below the levels of 7750 on closing basis then the index can drift to the levels of 7500.
Resistance for the index lies in the zone of 8000 to 8050. If the index manages to move above this levels on closing basis then the index can move to the levels of 8200 where 100 Daily SMA is positioned.
Range for the week is seen from 7700 on downside to 8100 on upside.