Equityandit’s Outlook for Nifty for week (June 05, 2017 – June 09, 2017):

NIFTY:

Nifty closed the week on positive note gaining around 0.60%.

As we have mentioned last week that minor support for the index lies in the zone of 9500 to 9520. Support for the index lies in the zone of 9350 to 9400 where break out levels for the index is lying. If the index manages to close below these levels then the index can drift to the levels of 9200 to 9250 where short term moving averages are lying. During the week the index manages to hit a low of 9548 and close the week around the levels of 9653.

Minor support for the index lies in the zone of 9550 to 9600. Support for the index lies in the zone of 9350 to 9400 where break out levels for the index is lying. If the index manages to close below these levels then the index can drift to the levels of 9200 to 9250 where break out gap for the index is lying.

Resistance for the index lies in the zone of 9730 to 9750. If the index manages to close above these levels then the index can move to the levels of 9880 to 9900.

On 07/06/2017 Wednesday the RBI will be concluding the two day Policy meet. So the index can witness some volatility.

Broad range for the week is seen from 9450 on downside & 9850 on upside.