Equityandit’s Outlook for Nifty for week (Feb 05, 2018 – Feb 09, 2018):

NIFTY:

Nifty closed the week on negative note losing around 2.80%.

As we have mentioned last week, that resistance for the index lies in the zone of 11100 to 11200 where 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 11400 to 11500. During the week the index manages to hit a high of 11171 and close the week around the levels of 10760.

Support for the index lies in the zone of 10600 to 10700 from where the index broke out of trend-line joining highs formed in the month of September-2016 and August-2017 is lying. If the index manages to close below these levels then the index can drift to the levels of 10400 to 10500 where break out levels and short term moving averages are lying.

Minor resistance for the index lies in the zone of 10850 to 10950. Resistance for the index lies in the zone of 11100 to 11200 where 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 11400 to 11500.

High level of volatility can be expected during the week as the RBI policy is to be announced next week.

Broad range for the week is seen from 10300 on downside & 11100 on upside.