EquityPandit’s Outlook for Nifty for the week  (Dec 03, 2018 – Dec 07, 2018):

NIFTY:

Nifty closed the week on positive note gaining around 3.40%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 10490 and close the week around the levels of 10877

Support for the index lies in the zone of 10500 to 10600 where Fibonacci levels and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 9900 to 10000 where low for the month of March – 2018 & October – 2018 and Fibonacci levels are lying.

Resistance for the index lies around 10850 to 10950 from where the index has broken down from the September-2018 lows, Fibonacci levels and medium 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 10500 to 10600 on downside & 11000 to 11100 on upside.