EquityPandit’s Outlook for Nifty for week (January 04, 2016 – January 08, 2016):
Nifty ended the week on positive note gaining around 1.20%.
As we have mentioned last week that 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. During the week the index manages to hit a high of 7972 and virtually closed at the highest levels.
Support for the index lies in the zone of 7800 to 7850 where short term moving averages and 500 Daily SMA are positioned. If the index manages to close below this levels then the index can drift to the levels of 7500 where the index has formed a double bottom.
Resistance for the index lies in the zone of 8000 where 100 Daily SMA is lying. If the index manages to close above this levels then the index can move to the levels of 8200 to 8250 where 200 Daily SMA and trend-line resistance for the index is positioned.
Broad range for the week is seen from 7800 on downside to 8200 on upside.