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

NIFTY:

Nifty closed the week on negative note losing around 0.30%.

As we have mentioned last week, that resistance for the index lies in the zone of 10650 to 10750 from where the index has opened gap down. If the index manages to close above these levels then the index can move to the levels of 10900 to 11000 from where the index broke down after consolidation. During the week the index manages to hit a high of 10632 and close the week around the levels of 10458.

Support for the index lies in the zone of 10400 to 10500 where break out levels and medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 10000 to 10100 where the index has taken multiple supports in the month of November-2017 & December-2017 and long term moving averages are lying.

Resistance for the index lies in the zone of 10650 to 10750 from where the index has opened gap down. If the index manages to close above these levels then the index can move to the levels of 10900 to 11000 from where the index broke down after consolidation.

Broad range for the week is seen from 10000 on downside & 11000 on upside.