EquityPandit’s Outlook for Nifty for week (December 21, 2015 – December 24, 2015):

NIFTY:

Nifty ended the week on positive note gaining around 2.0%.

As we have mentioned last week that support for the index lies in the range of 7540 where the index has made a medium term bottom in the month of September – 2015. If the index closes below this levels then the index can drift to the levels of 7200 where lower end of the channel is positioned. The index is moving in this channel since the month of February – 2015. During the week the index manages to hit a low of 7551 and bounce to close the week around the levels of 7763.

Support for the index lies in the range of 7540 where the index has made a medium term bottom in the month of September – 2015. If the index closes below this levels then the index can drift to the levels of 7200 where lower end of the channel is positioned. The index is moving in this channel since the month of February – 2015.

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.

Broad range for the week is seen from 7600 on downside to 7900 on upside.