EquityPandit’s Outlook for Nifty for week (November 16, 2015 – November 20, 2015):

NIFTY:

Nifty ended the week on negative note losing around 2.4%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 7730 and close the week around the levels of 7760.

Support for the index lies in the zone of 7700 where trend-line, 500 Daily SMA & 100 Weekly SMA supports are positioned. If the index manages to close below this levels then the index can drift to the levels of 7500 where trend-line support for the index is positioned.

Resistance for the index lies in the zone of 7950 to 8000 where short term moving averages are positioned. If the index manages to close above this levels then the index can move to the levels of 8200 where 100 Daily SMA is lying.

Broad range for the week is seen from 7600 on downside to 8000 on upside.