EquityPandit’s Outlook for Nifty for week (September 12, 2016 – September 16, 2016):

NIFTY:

Nifty ended the week on positive note gaining around 0.60%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 8969 and close the week around the levels of 8867.

Minor support for the index lies in the zone of 8800. Support for the index lies in the zone of 8700 to 8730 from where the index broke out of the short term top. If the index manages to close below these levels then the index can drift to the levels of 8600 to 8650 where short term moving averages are lying.

Resistance for the index lies in the zone of 8950 to 9000. If the index manages to close above these levels then the index can move to the levels of 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.