Equityandit’s Outlook for Nifty for week (May 22, 2017 – May 26, 2017):

NIFTY:

Nifty closed the week on positive note gaining around 0.30%.

As we have mentioned last week that minor support for the index lies in the zone of 9350 to 9380. Support for the index lies in the zone of 9200 to 9250 where the index had opened gap up. If the index manages to close below these levels then the index can drift to the levels of 9070 to 9130 where Fibonacci levels and short term moving averages are lying. During the week the index manages to hit a low of 9391 and close the week around the levels of 9428.

Minor support for the index lies in the zone of 9350 to 9380. Support for the index lies in the zone of 9200 to 9250 where the index had opened gap up 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 9070 to 9130 where Fibonacci levels.

Resistance for the index lies in the zone of 9420 to 9460 where Fibonacci extension is lying. If the index manages to close above these levels then the index can move to the levels of 9550 to 9600.

Broad range for the week is seen from 9200 on downside & 9600 on upside.