EquityPandit’s Outlook for Nifty for week (October 26, 2015 – October 30, 2015):
CNX Nifty ended the week on positive note gaining around 0.7%.
As we have mentioned last week that strong resistance for the index lies in the zone of 8380 to 8450 where 200 Daily SMA and channel resistance for the index is positioned. During the week the index manages to hit a high of 8328 and close the week around the levels of 8295.
The index has closed above the 100 Daily SMA which is lying around the levels of 8200. Support for the index lies in the zone of 8200 where 100 Daily SMA is lying. If the index manages to close below this levels then the index can drift to the levels of 8050 to 8100 from where the index has broken out of the Inverse Head & Shoulder pattern.
The index is approaching towards the strong resistance zone of 8380 to 8450 where 200 Daily SMA and channel resistance for the index is positioned.
Coming week will be the expiry week so we expect the index to trade with huge volatility. The lot sizes are revised upwards from next expiry.
Broad range for the week is seen from 8200 on downside to 8400 on upside.