EquityPandit’s Outlook for Nifty for week (July 18, 2016 – July 22, 2016):

NIFTY:

Nifty ended the week on positive note gaining around 2.60%.

As we have mentioned last week that resistance for the index lies in the zone of 8340 to 8360 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. During the week the index manages to hit a high of 8595 and close the week around the levels of 8541.

Minor support for the index lies in the zone of 8350 to 8400 where the index has created the gap on gap up opening on 11/07/2016. Support for the index lies in the zone of 8200 to 8250 where short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 8000 to 8050 where medium term moving averages are lying.

Resistance for the index lies in the zone of 8600 to 8650 levels from where the index has sold off in the month of July – 2015. If the index manages to close above these levels then the index can move to the levels of 8800 to 8850.

Broad range for the week is seen from 8350 on downside to 8750 on upside.