Equityandit’s Outlook for Nifty for week (Apr 02, 2018 – Apr 06, 2018):

NIFTY:

Nifty closed the week on positive note gaining around 1.20%.

As we have mentioned last week, that the index has closed around the support zone of 9980 to 10030 where the index has taken multiple supports in the month of November-2017 & December-2017. If the index manages to close below these levels then the index can drift to the levels of 9500 to 9600 where Fibonacci levels and lows for the month of August-2017 and September-2017 are lying. During the week the index manages to hit a low of 9959 and close the week around the levels of 10114.

Support for the index lies in the zone of 9980 to 10030 where the index has taken multiple supports in the month of November-2017 & December-2017. If the index manages to close below these levels then the index can drift to the levels of 9500 to 9600 where Fibonacci levels and lows for the month of August-2017 and September-2017 are lying.

Resistance for the index lies in the zone of 10200 to 10250 where long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 10450 to 10550 where short & medium term moving averages and highs for the month of March-2018 are lying.

Broad range for the week is seen from 9800 on downside & 10500 on upside.