EquityPandit’s Outlook for Nifty for week (December 26, 2016 – December 30, 2016):

NIFTY:

Nifty ended the week on negative note losing around 1.90%.

As we have mentioned last week that minor support for the index lies in the zone of 8100 to 8150 on intraday basis. Support for the index lies in the zone of 7900 to 8000 levels from where the index has bounced couple of times in recent past and this range is the strong support zone for the index. If the index breaks below these levels on closing basis for couple of days then the index can drift to the levels of around 7500. During the week the index manages to hit a low of 7942 and close the week around the levels of 7986.

Support for the index lies in the zone of 7900 to 8000 levels from where the index has bounced couple of times in recent past and this range is the strong support zone for the index. If the index breaks below these levels on closing basis for couple of days then the index can drift to the levels of around 7500 to 7700.

Minor resistance for the index lies in the zone of 8050 to 8100. Resistance for the index lies in the zone of 8250 to 8300 where the index has form a right shoulder of the H & S pattern. If the index manages to close above these levels then the index can move to the levels of 8450 to 8500 where neckline of the H & S pattern of 8500 to 8900 is lying.

Broad range for the week is seen from 7750 on downside to 8150 on upside.