EquityPandit’s Outlook for Nifty for the week  (Feb 25, 2019 – Mar 01, 2019):

NIFTY:

Nifty closed the week on positive note gaining around 0.60%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 10586 and close the week around the levels of 10792.

Support for the index lies in the zone of 10550 to 10650 where low for the month of January-2019 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 10400 to 10500 on downside & 11000 to 11100 on upside.