Equityandit’s Outlook for Nifty for week (Apr 23, 2018 – Apr 27, 2018):

NIFTY:

Nifty closed the week on positive note gaining around 0.80%.

As we have mentioned last week, that resistance for the index lies in the zone of 10500 to 10600 where high for the month of March-2018 and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 10700 to 10800 where Fibonacci levels and gap is lying. During the week the index manages to hit a high of 10594 and close the week around the levels of 10564.

Minor support for the index lies in the zone of 10400 to 10450. Support for the index lies in the zone of 10200 to 10250 where long term moving averages and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 9980 to 10030 where the index has taken multiple supports in the month of November-2017 & December-2017.

Resistance for the index lies in the zone of 10550 to 10600 where high for the month of March-2018 and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 10700 to 10800 where Fibonacci levels and gap is lying.

Broad range for the week is seen from 10300 on downside & 10800 on upside.