Equityandit’s Outlook for Nifty for week (April 03, 2017 – April 07, 2017):

NIFTY:

Nifty closed the week on positive note gaining around 0.70%.

As we have mentioned last week that minor resistance for the index lies in the zone of 9150 to 9180. Resistance for the index lies in the zone of 9220 to 9250 where the index has formed a short term top. If the index manages to close above these levels then the index can move to the levels of 9400 to 9450 where Fibonacci extension is lying. During the week the index manages to hit a high of 9192 and close the week around the levels of 9169.

Minor support for the index lies in the zone of 9100 to 9130. Support for the index lies in the zone of 9020 to 9050 where the index has formed a short term bottom. If the index manages to close below these levels then the index can drift to the levels of 8930 to 8970 where the index has formed a gap on gap up opening.

Minor resistance for the index lies in the zone of 9150 to 9180. Resistance for the index lies in the zone of 9220 to 9250 where the index has formed a top in the month of March-2017. If the index manages to close above these levels then the index can move to the levels of 9400 to 9450 where Fibonacci extension is lying.

Broad range for the week is seen from 9000 on downside & 9400 on upside.