EquityPandit’s Outlook for Nifty for week (May 30, 2016 – June 03, 2016):

NIFTY:

Nifty ended the week on positive note gaining around 5.30%.

As we have mentioned last week that the index has closed around the resistance zone of 7820 where 200 Daily SMA is lying. Resistance for the index lies in the zone of 7950 to 8000 where 500 Daily SMA is lying. If the index manages to close above these levels then the index can move to the levels of 8200. During the week the index manages to hit a high of 8164 and close the week around the levels of 8157.

Support for the index lies in the zone of 8000 from where the index has broken out from the triple top formation. If the index manages to close below these levels then the index can drift to the levels of 7800 where 200 Daily SMA is lying.

Resistance for the index lies in the zone of 8250 to 8300 from where the index has sold off in the month of Oct – 2015. If the index manages to close above these levels then the index can move to the levels of 8600 to 8650 levels.

Broad range for the week is seen from 8000 on downside to 8300 on upside.