EquityPandit’s Outlook for Nifty for the week  (Feb 18, 2019 – Feb 22, 2019):

NIFTY:

Nifty closed the week on negative note losing around 2.00%.

As we have mentioned last week that support for the index lies in the zone of 10800 to 10900 from where the index broke out of high for the month of December-2018 & January-2018 and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 10600 to 10700 where Fibonacci levels and long term moving averages are lying. During the week the index manages to hit a low of 10620 and close the week around the levels of 10724.

Support for the index lies in the zone of 10600 to 10700 where Fibonacci levels and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 10300 to 10400 where Fibonacci levels and low for the month of December-2018 are lying.

Resistance for the index lies around 10800 to 10900 where Fibonacci levels and short & medium term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 11100 to 11200 where Fibonacci levels are lying.

Broad range for the week is seen from 10300 to 10400 on downside & 11000 to 11100 on upside.