EquityPandit’s Outlook for Nifty for the week  (Dec 17, 2018 – Dec 21, 2018):

NIFTY:

Nifty closed the week on positive note gaining around 1.00%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 10839 and close the week around the levels of 10805.

Support for the index lies in the zone of 10600 to 10700 where Fibonacci levels and short & long 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 low for the month of November – 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 10400 to 10500 on downside & 11100 to 11200 on upside.