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

NIFTY:

Nifty closed the week on negative note losing around 0.50%.

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 10985 and close the week around the levels of 10754.

Support for the index lies in the zone of 10600 to 10700 where Fibonacci levels and short; medium & 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 and Fibonacci levels 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 & 11000 to 11100 on upside.