EquityPandit’s Outlook for Nifty for week (December 07, 2015 – December 11, 2015):
Nifty ended the week on negative note losing around 2.0%.
As we have mentioned last week that resistance for the index lies in the zone of 7950 to 8000 where short term moving averages are positioned. If the index manages to close above this levels then the index can move to the levels of 8200 where 100 Daily SMA is lying. During the week the index manages to hit a high of 7979 and sold off to close the week around the levels of 7787 virtually at the lowest levels.
Support for the index lies in the zone of 7700 where 500 Daily SMA and trend-line support for the index is lying. If the index closes below this levels then the index can drift to the levels of 7500 where the index has made a medium term bottom.
Resistance for the index lies in the zone of 7850 to 7900 where short term moving averages are positioned. If the index closes above this levels then the index can move to the levels of 8000 to 8050 where 100 Daily SMA is positioned.
Broad range for the week is seen from 7600 on downside to 8000 on upside.