EquityPandit’s Outlook for Nifty for week (June 20, 2016 – June 24, 2016):

NIFTY:

Nifty ended the week on negative note losing around 0.20%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 8076 and close the week around the levels of 8174.

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 8280 to 8340 where the index has created the gap on gap down opening in the month of Aug – 2015. If the index manages to close above these levels then the index can move to the levels of 8600 to 8650 levels.

Due to Brexit Referendum on 24th June we could see wide swings in all the Global Markets including India.

Broad range for the week is seen from 8000 on downside to 8400 on upside.