EquityPandit’s Outlook for Nifty for week (October 12, 2015 – October 16, 2015):
CNX Nifty ended the week on positive note gaining around 2.8%.
As we have mentioned last week that if the index manages to close above the levels of 8050 with heavy volumes, then the index can move to the levels of 8250 to 8300 where 100 & 200 Daily SMA are positioned. The index manages to hit a high of 8232 during the week and ended the week around the levels of 8178.
The index is approaching towards the strong resistance zone of 8250 to 8350 where 100 & 200 Daily SMA and channel resistance are positioned.
Support for the index lies in the zone of 8050 from where the index has broken out of the Inverse Head & Shoulder pattern. If the index breaks below the levels of 8050 on closing basis then the index can drift to the levels of 7800 where support for the index is positioned.
On 12/10/2015, IT giant Infy will kick start the quarterly & half yearly results. So we expect the index to be highly volatile during the week.
Broad range for the week is seen from 7900 on downside to 8400 on upside.