EquityPandit’s Outlook for Nifty for the week  (Nov 19, 2018 – Nov 23, 2018):

NIFTY:

Nifty closed the week on positive note gaining around 0.90%.

As we have mentioned last week that resistance for the index lies around 10500 to 10600 from where the index has broken down from May-2018 and June-2018 lows and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 10800 to 10900 from where the index has broken down from the September-2018 lows and long term moving averages are lying. During the week the index manages to hit a high of 10695 and close the week around the levels of 10682.

Minor support for the index lies in the zone of 10400 to 10500. Support for the index lies in the zone of 9900 to 10000 where low for the month of March – 2018 & October – 2018 and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 9300 to 9400 where Fibonacci levels are lying.

Resistance for the index lies around 10750 to 10850 from where the index has broken down from the September-2018 lows and long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 11000 to 11100 where Fibonacci levels are lying.

Broad range for the week is seen from 10300 to 10400 on downside & 10900 to 11000 on upside.