EquityPandit’s Outlook for Nifty for the week  (Feb 4, 2019 – Feb 8, 2019):

NIFTY:

Nifty closed the week on positive note gaining around 1.00%.

As we have mentioned last week that support for the index lies in the zone of 10600 to 10700 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 10300 to 10400 where low for the month of November – 2018 and Fibonacci levels are lying. During the week the index manages to hit a low of 10652 and close the week around the levels of 10893.

Support for the index lies in the zone of 10600 to 10700 where Fibonacci levels and medium 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 low for the month of November – 2018 and Fibonacci levels are lying.

Resistance for the index lies around 10900 to 11000 where high for the month of December-2018 & January-2018 and Fibonacci levels 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 10500 to 10600 on downside & 11100 to 11200 on upside.