Equityandit’s Outlook for Nifty for week (May 29, 2017 – June 02, 2017):

NIFTY:

Nifty closed the week on positive note gaining around 1.80%.

As we have mentioned last week that minor support for the index lies in the zone of 9350 to 9380. Support for the index lies in the zone of 9200 to 9250 where the index had opened gap up and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 9070 to 9130 where Fibonacci levels. During the week the index manages to hit a low of 9341 and close the week around the levels of 9595.

Minor support for the index lies in the zone of 9500 to 9520. Support for the index lies in the zone of 9350 to 9400 where break out levels for the index is lying. If the index manages to close below these levels then the index can drift to the levels of 9200 to 9250 where short term moving averages are lying.

Resistance for the index lies in the zone of 9700 to 9730. If the index manages to close above these levels then the index can move to the levels of 9880 to 9900.

Broad range for the week is seen from 9400 on downside & 9800 on upside.