EquityPandit’s Outlook for Nifty for week (November 02, 2015 – November 06, 2015):

NIFTY:

CNX Nifty ended the week on negative note losing around 2.9%.

As we have mentioned last week that the index has closed above the 100 Daily SMA which is lying around the levels of 8200. Support for the index lies in the zone of 8200 where 100 Daily SMA is lying. If the index manages to close below this levels then the index can drift to the levels of 8050 to 8100 from where the index has broken out of the Inverse Head & Shoulder pattern. During the week the index manages to hit a low of 8044 and close the week at the lowest point.

Support for the index lies in the zone of 8050 to 8100 from where the index has broken out of the Inverse Head & Shoulder pattern. If the index breaks below this levels on closing basis then the index can drift to the levels of 7700 where trend-line and 100 Weekly SMA supports are positioned.

Resistance for the index lies in the zone of 8200 where 100 Daily SMA is lying. If the index manages to close above this levels on closing basis then the index can move to the levels of 8400 where 200 Daily SMA and trend-line resistance for the index is positioned.

Broad range for the week is seen from 7850 on downside to 8250 on upside.