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

NIFTY:

Nifty ended the week on positive note gaining around 1.10%.

As we have mentioned last week that 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. During the week the index manages to a high of 8675 and close the week around the levels of 8638.

Minor support for the index lies in the zone of 8580 to 8600. Support for the index lies in the zone of 8350 to 8400 where the index has created the gap up opening on 11/07/2016. If the index manages to close below these levels then the index can drift to the levels of 8100 to 8150 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 8450 on downside to 8850 on upside.