Equityandit’s Outlook for Nifty for week (Oct 16, 2017 – Oct 19, 2017):

NIFTY:

Nifty closed the week on positive note gaining around 1.90%.

As we have mentioned last week, that resistance for the index lies in the zone of 10000 to 10050 from where the index broke down after consolidation. If the index manages to close above these levels then the index can move to the levels of 10130 to 10180 where the index has formed a top in the month of August-2017 & September-2017. During the week the index manages to hit a high of 10192 and close the week around the levels of 10167.

Minor support for the index lies in the zone of 10100 to 10130. Support for the index lies in the zone of 9950 to 10000 where short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 9700 to 9750 where trend-line joining lows of August-2017 and September-2017 is lying.

Resistance for the index lies in the zone of 10200 to 10250 where trend-line joining high of August-2017 and September-2017 is lying. If the index manages to close above these levels then the index can move to the levels of 10350 to 10400.

Broad range for the week is seen from 10000 on downside & 10300 on upside.