EquityPandit’s Outlook for Nifty for the week  (June 18, 2018 – June 22, 2018):

NIFTY:

Nifty closed the week on positive note gaining around 0.50%.

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. 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 10893 and close the week around the levels of 10818.

Minor support for the index lies in the zone of 10700 to 10750. Support for the index lies in the zone of 10500 to 10550 where Fibonacci levels and medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 10300 to 10400 where long term moving averages and Fibonacci levels are lying.

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. 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.

Broad range for the week is seen from 10500 on downside & 11000 on upside.