Equityandit’s Outlook for Nifty for week (July 17, 2017 – July 21, 2017):

NIFTY:

Nifty closed the week on positive note gaining around 2.30%.

As we have mentioned last week, that resistance for the index lies in the zone of 9700 to 9750 where the index has formed a double top pattern. If the index manages to close above these levels then the index can move to the levels of 9880 to 9900. During the week the index manages to hit a high of 9913 and close the week around the levels of 9886.

Minor support for the index lies in the zone of 9770 to 9800. Support for the index lies in the zone of 9670 to 9700 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 9500 to 9550 where short term moving averages are lying.

Resistance for the index lies in the zone of 9900 to 9930. If the index manages to close above these levels then the index can move to the levels of 10000 to 10050 where Fibonacci levels and channel resistance for the index is lying.

Broad range for the week is seen from 9700 on downside & 10050 on upside.