EquityPandit’s Outlook for Nifty for week (September 28, 2015 – October 02, 2015):
CNX Nifty ended the week on negative note losing around 1.5%.
As we have mentioned last week that the 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. During the week the index manages to hit a low of 7723 and bounce to close the week around the levels of 7868.
It seems the index is moving in the range of 7700 to 7750 on downside to 8000 to 8050 on upside.
If the index manages to close above the levels of 8050, then the index can move to the levels of 8250 to 8300 where 100 & 200 Daily SMA are positioned.
If the index manages to close below the levels of 7700, then the index can drift to the levels of 7550 to 7600 where 500 Daily SMA and 100 Weekly SMA are positioned.
Next week on 29/09/2015, RBI is announcing the credit policy. So we expect the markets to be highly volatile and the policy will decide the further direction of the markets.
Broad range for the week is seen from 7700 on downside to 8100 on upside.