EquityPandit’s Outlook for Nifty for the week  (Sep 24, 2018 – Sep 28, 2018):

NIFTY:

Nifty closed the week on negative note losing around 3.20%.

As we have mentioned last week that minor support for the index lies around 11400 to 11450. Support for the index lies in the zone of 11100 to 11200 from where the index broke out of earlier high. If the index manages to close below these levels then the index can drift to the levels of 10900 to 11000 from where the index broke out of double top and triangle pattern. During the week the index manages to hit a low of 10866 and close the week around the levels of 11143.

Support for the index lies in the zone of 11000 to 11100 from where the index broke out of earlier high. If the index manages to close below these levels then the index can drift to the levels of 10800 to 10900 from where the index broke out of double top and long term moving averages are lying.

Resistance for the index lies around 11250 to 11350 from where the index has broken down from the August-2018 lows and Head & Shoulder pattern. If the index manages to close above these levels then the index can move to the levels of 11600 to 11650 from where the index has broken down after consolidation.

Broad range for the week is seen from 10800 on downside & 11400 on upside.