EquityPandit’s Outlook for Nifty for week (November 09, 2015 – November 13, 2015):

NIFTY:

CNX Nifty ended the week on negative note losing around 1.3%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 8116 and sold off to close the week around the levels of 7962.

Support for the index lies in the zone of 7900 to 7950. If the index breaks below this levels on closing basis then the index can drift to the levels of 7700 where trend-line, 500 Daily SMA & 100 Weekly SMA supports are positioned.

Resistance for the index lies in the zone of 8100 where short term moving averages are positioned. If the index manages to close above this levels on closing basis then the index can move to the levels of 8200 where 100 Daily SMA.

Broad range for the week is seen from 7800 on downside to 8100 on upside.