EquityPandit’s Outlook for Nifty for week (July 11, 2016 – July 15, 2016):

NIFTY:

Nifty ended the week on absolutely flat note.

As we have mentioned last week that minor support for the index lies in the zone of 8220 to 8250. Support for the index lies in the zone of 8000 from where the index has broken out from the triple top formation. If the index manages to close below these levels then the index can drift to the levels of 7770 to 7800 where 200 Daily SMA is lying. During the week the index manages to hit a low of 8287 and close the week around the levels of 8323.

Minor support for the index lies in the zone of 8220 to 8250. Support for the index lies in the zone of 8000 from where the index has broken out from the triple top formation. If the index manages to close below these levels then the index can drift to the levels of 7770 to 7800 where 200 Daily SMA is lying.

Resistance for the index lies in the zone of 8340 to 8360 where the index has created the gap on gap down opening in the month of Aug – 2015. If the index manages to close above these levels then the index can move to the levels of 8600 to 8650 levels.

Broad range for the week is seen from 8150 on downside to 8550 on upside.