Equityandit’s Outlook for Nifty for week (July 31, 2017 – Aug 04, 2017):

NIFTY:

Nifty closed the week on positive note gaining around 1.00%.

As we have mentioned last week, that 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 10050 to 10100 where Fibonacci levels and channel resistance for the index is lying. During the week the index manages to hit a high of 10115 and close the week around the levels of 10014.

Minor support for the index lies in the zone of 9900 to 9930. Support for the index lies in the zone of 9670 to 9700 from where the index broke out of June-2017 highs 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 9500 to 9550 where break out levels for the index is lying.

Resistance for the index lies in the zone of 10050 to 10100 where Fibonacci levels and channel resistance for the index is lying. If the index manages to close above these levels then the index can move to the levels of 10400 to 10500.

Broad range for the week is seen from 9700 on downside & 10400 on upside.