EquityPandit’s Outlook for Nifty for the week  (Feb 11, 2019 – Feb 15, 2019):

NIFTY:

Nifty closed the week on positive note gaining around 0.50%.

As we have mentioned last week that resistance for the index lies around 10900 to 11000 where high for the month of December-2018 & January-2018 and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 11100 to 11200 where Fibonacci levels are lying. During the week the index manages to hit a high of 11118 and close the week around the levels of 10944.

Support for the index lies in the zone of 10800 to 10900 from where the index broke out of high for the month of December-2018 & January-2018 and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 10600 to 10700 where Fibonacci levels and long term moving averages are lying.

Resistance for the index lies around 11100 to 11200 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 11400 to 11500 where Fibonacci levels are lying.

Broad range for the week is seen from 10500 to 10600 on downside & 11300 to 11400 on upside.