EquityPandit’s Outlook for Nifty for the week  (Oct 01, 2018 – Oct 05, 2018):

NIFTY:

Nifty closed the week on negative note losing around 1.90%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 10850 and close the week around the levels of 10930.

Support for the index lies in the zone of 10800 to 10900 from where the index broke out of double top and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 10500 to 10600 where low for the month of June-2018 is lying.

Resistance for the index lies around 11100 to 11200 from where the index has broken down from earlier high. If the index manages to close above these levels then the index can move to the levels of 11300 to 11400 from where the index has broken down from the August-2018 lows and Head & Shoulder pattern.

Broad range for the week is seen from 10600 on downside & 11300 on upside.