EquityPandit’s Outlook for Nifty for the week  (July 16, 2018 – July 20, 2018):

NIFTY:

Nifty closed the week on positive note gaining around 2.30%.

As we have mentioned last week, that resistance for the index lies in the zone of 10900 to 11000 where the index has formed a high in the month of May-2018 and June-2018. If the index manages to close above these levels then the index can move to the levels of 11100 to 11200 where the index has formed a top in the month of January-2018. During the week the index manages to hit a high of 11078 and close the week around the levels of 11019.

Minor support for the index lies in the zone of 10850 to 10900. Support for the index lies in the zone of 10700 to 10750 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 10500 to 10550 where Fibonacci levels and medium term moving averages are lying.

Resistance for the index lies in the zone of 11100 to 11200 where the index has formed a top in the month of January-2018. If the index manages to close above these levels then the index can move to the levels of 11400 to 11500.

Broad range for the week is seen from 10800 on downside & 11200 on upside.