EquityPandit’s Outlook for Nifty for week (January 11, 2016 – January 15, 2016):

NIFTY:

Nifty ended the week on negative note losing around 4.50%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 7556 and close around the lowest levels.

Support for the index lies in the zone of 7500 to 7550 where the index has formed a medium term bottom. If the index manages to close below this levels then the index can drift to the levels of 7100 to 7200 where the lower end of the channel is positioned which is supporting the index on every downfall since the month of February – 2015.

Resistance for the index lies in the zone of 7800 to 7850 where short term moving averages and 500 Daily SMA is positioned. If the index manages to close above this levels then the index can move to the levels of 7950 to 8000 where 100 Daily SMA and 100 Weekly SMA are lying.

Broad range for the week is seen from 7300 on downside to 7800 on upside.