Equityandit’s Outlook for Nifty for week (Oct 03, 2017 – Oct 06, 2017):

NIFTY:

Nifty closed the week on negative note losing around 1.80%.

As we have mentioned last week, that support for the index lies in the zone of 9880 to 9920 where short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 9700 to 9740 from where the index broke out of June-2017 high and medium term moving averages are lying. During the week the index manages to hit a low of 9789 and close the week around the levels of 9789.

Support for the index lies in the zone of 9700 to 9740 from where the index broke out of June-2017 high and medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 9450 to 9500 where the index has taken support in the month of June-2017.

Minor resistance for the index lies in the zone of 9840 to 9860. Resistance for the index lies in the zone of 9930 to 9960 where short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 10130 to 10180 where the index has formed a top in the month of August-2017 & September-2017.

Broad range for the week is seen from 9500 on downside & 10000 on upside.