Equityandit’s Outlook for Nifty for week (Jan 15, 2018 – Jan 19, 2018):

NIFTY:

Nifty closed the week on positive note gaining around 1.10%.

As we have mentioned last week, that resistance for the index lies in the zone of 10600 to 10700 where trend-line joining highs formed in the month of September-2016 and August-2017 is lying. If the index manages to close above these levels then the index can move to the levels of 10900 to 11000. During the week the index manages to hit a high of 10690 and close the week around the levels of 10681.

Minor support for the index lies in the zone of 10500 to 10550. Support for the index lies in the zone of 10350 to 10400 where break out levels and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 10000 to 10100 where break out levels are lying.

Resistance for the index lies in the zone of 10600 to 10700 where trend-line joining highs formed in the month of September-2016 and August-2017 is lying. If the index manages to close above these levels then the index can move to the levels of 10900 to 11000.

Broad range for the week is seen from 10400 on downside & 10900 on upside.