EquityPandit’s Outlook for Nifty for week (September 06, 2016 – September 09, 2016):

NIFTY:

Nifty ended the week on positive note gaining around 2.80%.

As we have mentioned last week that resistance for the index lies in the zone of 8700 to 8750 levels where the index has made a short term top. If the index manages to close above these levels then the index can move to the levels of 8800 to 8850. During the week the index manages to hit a high of 8824 and close the week around the levels of 8810.

Minor support for the index lies in the zone of 8700 to 8720. Support for the index lies in the 8580 to 8620 where short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 8350 to 8400 where the index has created a gap on 11/07/2016.

Resistance for the index lies in the zone of 8800 to 8850. If the index manages to close above these levels then the index can move to the levels of 9000 to 9100 where life time high for the index is lying.

Broad range for the week is seen from 8600 on downside to 9000 on upside.