EquityPandit’s Outlook for Nifty for week (August 22, 2016 – August 26, 2016):

NIFTY:

Nifty ended the week on absolutely flat note.

As we have mentioned last week that resistance for the index lies in the zone of 8700 to 8750 levels where the index has made a short term top. If the index manages to close above these levels then the index can move to the levels of 8800 to 8850. During the week the index manages to hit a high of 8697 and close the week around the levels of 8667.

Minor support for the index lies in the zone of 8550 to 8600. Support for the index lies in the zone of 8350 to 8400 where the index has created the gap up opening on 11/07/2016. If the index manages to close below these levels then the index can drift to the levels of 8200 to 8250 where medium term moving averages are lying.

Resistance for the index lies in the zone of 8700 to 8750 levels where the index has made a short term top. If the index manages to close above these levels then the index can move to the levels of 8800 to 8850.

Broad range for the week is seen from 8550 on downside to 8850 on upside.