EquityPandit’s Outlook for Nifty for week (March 08, 2016 – March 11, 2016):

NIFTY:

Nifty ended the week on positive note gaining around 6.70%.

As we have mentioned last week that resistance for the index lies in the zone of 7240 where the index has formed a previous bottom. If the index manages to close above this levels then the index can move to the levels of 7500 from where the index has broken down after making the double bottom. During the week the index manages to hit a high of 7506 and close the week around the highest levels.

Support for the index lies in the zone of 7230 to 7280 from where the index has broken out of the short term top. If the index manages to close below this levels then the index can drift to the levels of 6900 where channel support for the index is lying.

Index has closed around the resistance zone of 7500 from where the index has broken down after making the double bottom pattern. If the index manages to close above this levels then the index can move to the levels of 7700 where 100 Daily SMA is lying.

The index is positioned around the trend-line support which is holding the index in every correction since February – 2015. If the index can hold this levels and if the global turmoil settles then the index can witness a significant bounce which can take the index to the levels of 8000.

Broad range for the week is seen from 7200 on downside to 7700 on upside.