EquityPandit’s Outlook for Nifty for week (December 28, 2015 – January 01, 2016):
Nifty ended the week on positive note gaining around 1.30%.
As we have mentioned last week that resistance for the index lies in the zone of 7850 to 7900 where short term moving averages and 100 Weekly SMA are lying. If the stock manages to close above this levels then the stock can move to the levels of 8000 where 100 Daily SMA is positioned. During the week the stock manages to hit a high of 7889 and close at virtually the highest levels of the week.
Support for the index lies in the zone of 7750 where 500 Daily SMA is lying. If the index closes below this levels then the index can drift to the levels of 7500 to 7600 where the index has formed a double bottom.
Index has closed around the strong resistance zone of 7850 to 7900 where short term moving averages and 100 Weekly SMA is positioned. If the index manages to close above the levels of 7900 then the index can move to the levels of 8000 where 100 Daily SMA is lying.
Broad range for the week is seen from 7750 on downside to 8000 on upside.