EquityPandit’s Outlook for Nifty for week (February 06, 2017 – February 10, 2017):

NIFTY:

Nifty ended the week on positive note gaining around 1.20%.

As we have mentioned last week that resistance for the index lies in the zone of 8680 to 8720 from where the index sold off in the month of October-2016. If the index manages to close above these levels then the index can move to the levels of 8880 to 8920. During the week the index manages to hit a high of 8758 and close the week around the levels of 8741.

Minor support for the index lies in the zone of 8650 to 8680. Support for the index lies in the zone of 8460 to 8510 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift of 8280 to 8320 from where the index broke out of the declining trend-line and 200 Daily SMA is lying. If the index manages to close below these levels then the index can drift to the levels of 8100 to 8150 where Fibonacci levels and highs of December-2016 are lying.

Minor resistance for the index lies in the zone of 8800 to 8820. Resistance for the index lies in the zone of 8900 to 8950 where the index had made a top in the month of September-2016. If the index manages to close above these levels then the index can move to the levels of 9050 to 9100 where life time highs for the index is lying.

Broad range for the week is seen from 8500 on downside to 9000 on upside.