EquityPandit’s Outlook for Nifty for the week  (July 02, 2018 – July 06, 2018):

NIFTY:

Nifty closed the week on negative note losing around 1.00%.

As we have mentioned last week, that minor support for the index lies in the zone of 10700 to 10750. Support for the index lies in the zone of 10500 to 10550 where Fibonacci 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 10300 to 10400 where long term moving averages and Fibonacci levels are lying. During the week the index manages to hit a low of 10558 and close the week around the levels of 10714.

Support for the index lies in the zone of 10500 to 10550 where Fibonacci 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 10300 to 10400 where Fibonacci levels are lying.

Minor resistance for the index lies in the zone of 10700 to 10750. Resistance for the index lies in the zone of 10900 to 11000 where the index has formed a high in the month of May-2018 and June-2018. If the index manages to close above these levels then the index can move to the levels of 11100 to 11200 where the index has formed a top in the month of January-2018.

Broad range for the week is seen from 10500 on downside & 11000 on upside.