Equityandit’s Outlook for Nifty for week (May 02, 2017 – May 05, 2017):

NIFTY:

Nifty closed the week on positive note gaining around 2.00%.

As we have mentioned last week that minor resistance for the index lies in the zone of 9170 to 9200. Resistance for the index lies in the zone of 9220 to 9250 from where the index sold off on intraday basis. If the index manages to close above these levels then the index can move to the levels of around 9300 to 9350. During the week the index manages to hit a high of 9367 and close the week around the levels of 9304.

Minor support for the index lies in the zone of 9250 to 9270. Support for the index lies in the zone of 9170 to 9220 from where the index has opened gap up. If the index manages to close below these levels then the index can drift to the levels of around 9020 to 9070 where lows for the month of April-2017 and the index has opened gap up.

Minor resistance for the index lies in the zone of 9340 to 9360. Resistance for the index lies in the zone of 9420 to 9460 where Fibonacci extension is lying. If the index manages to close above these levels then the index can move to the levels of 9600.

Broad range for the week is seen from 9100 on downside & 9500 on upside.