Equityandit’s Outlook for Nifty for week (March 14, 2017 – March 17, 2017):

NIFTY:

Nifty ended the week on positive note gaining around 0.40%.

As we have mentioned last week that minor support for the index lies in the zone of 8850 to 8870. Support for the index lies in the zone of 8780 to 8810 where the index had opened gap up. If the index manages to close below these levels then the index can drift of 8600 to 8650 from where the index broke out of January-2017 highs. During the week the index manages to hit a low of 8892 and close the week around the levels of 8935.

Minor support for the index lies in the zone of 8850 to 8870. Support for the index lies in the zone of 8780 to 8810 where the index had opened gap up. If the index manages to close below these levels then the index can drift of 8600 to 8650 from where the index broke out of January-2017 highs.

Resistance for the index lies in the zone of 8970 to 9000 where the index had made a top in the month of September-2016. If the index manages to close above these levels then the index can move to the levels of 9080 to 9120 where life time highs for the index is lying.

On 11th March results of 5 state elections are going to be announced and the markets are closed on 13th March Monday. So Indian market can witnessed a major gap up or down opening on 14th March Tuesday.

Broad range for the week is seen from 8700 on downside & 9100 on upside.