EquityPandit’s Outlook for Nifty for week (February 01, 2016 – February 05, 2016):

NIFTY:

Nifty ended the week on positive note gaining around 1.80%.

As we have mentioned last week that resistance for the index lies in the zone of 7550 to 7600 where the index has broken down from the double bottom pattern. If the index manages to close above this levels then the index can move to the levels of 7650 to 7700 where the index has formed a gap on 07/01/2016 on gap down opening. During the week the index manages to hit a high of 7575 and virtually close at the highest levels.

Minor support for the index lies in the zone of 7380 to 7420. Support for the index lies in the zone 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. If the index manages to close below this levels then the index can drift to the levels of 6700 where 1000 Daily SMA and 200 Weekly SMA are positioned.

The index has closed around the strong resistance zone of 7550 to 7600 where the index has broken down from the double bottom pattern. If the index manages to close above this levels then the index can move to the levels of 7650 to 7700 where the index has formed a gap on 07/01/2016 on gap down opening.

Broad range for the week is seen from 7350 on downside to 7750 on upside.