Equityandit’s Outlook for Nifty for week (Apr 30, 2018 – May 04, 2018):

NIFTY:

Nifty closed the week on positive note gaining around 1.20%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 10720 and close the week around the levels of 10692.

Minor support for the index lies in the zone of 10500 to 10550. Support for the index lies in the zone of 10300 to 10400 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 10700 to 10800 where Fibonacci levels and gap is lying. If the index manages to close above these levels then the index can move to the levels of 10900 to 11000 where break down levels are lying.

Broad range for the week is seen from 10400 on downside & 10900 on upside.