Equityandit’s Outlook for Nifty for week (Jan 29, 2018 – Feb 02, 2018):

NIFTY:

Nifty closed the week on positive note gaining around 1.60%.

As we have mentioned last week, that resistance for the index lies in the zone of 10900 to 11000. If the index manages to close above these levels then the index can move to the levels of 11200 to 11300. During the week the index manages to hit a high of 11110 and close the week around the levels of 11070.

Minor support for the index lies in the zone of 10950 to 11000. Support for the index lies in the zone of 10600 to 10700 from where the index broke out of trend-line joining highs formed in the month of September-2016 and August-2017 is lying. If the index manages to close below these levels then the index can drift to the levels of 10350 to 10400 where break out levels and short term moving averages are lying.

Resistance for the index lies in the zone of 11100 to 11200 where channel resistance for the index is lying. If the index manages to close above these levels then the index can move to the levels of 11400 to 11500.

High level of volatility can be expected during the week as the Government is going to announce the Budget on 1st February 2018.

Broad range for the week is seen from 10600 on downside & 11400 on upside.