EquityPandit’s Outlook for Nifty for the week  (Aug 20, 2018 – Aug 24, 2018):

NIFTY:

Nifty closed the week on positive note gaining around 0.40%.

As we have mentioned last week that the index is trading at all time high so virtually no resistance exists. Resistance for the index lies around 11400 to 11500 where target of triangle break out pattern lies. If the index manages to close above these levels then the index can move to the levels of 11700 to 11800. During the week the index manages to hit a high of 11486 and close the week around the levels of 11471.

Minor support for the index lies around 11300 to 11350. Support for the index lies in the zone of 11100 to 11200 from where the index broke out of earlier high. If the index manages to close below these levels then the index can drift to the levels of 10900 to 11000 from where the index broke out of double top and triangle pattern.

The index is trading at all time high so virtually no resistance exists. Resistance for the index lies around 11400 to 11500 where target of triangle break out pattern lies. If the index manages to close above these levels then the index can move to the levels of 11700 to 11800.

Broad range for the week is seen from 11300 on downside & 11700 on upside.