EquityPandit’s Outlook for Nifty for the week  (Oct 08, 2018 – Oct 12, 2018):

NIFTY:

Nifty closed the week on negative note losing around 5.60%.

As we have mentioned last week that support for the index lies in the zone of 10800 to 10900 from where the index broke out of double top and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 10500 to 10600 where low for the month of June-2018 is lying. During the week the index manages to hit a low of 10262 and close the week around the levels of 10316.

Support for the index lies in the zone of 9900 to 9950 where low for the month of March -2018 and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 9300 to 9400 where Fibonacci levels are lying.

Resistance for the index lies around 10450 to 10550 from where the index has broken down from May-2018 and June-2018 lows. If the index manages to close above these levels then the index can move to the levels of 10800 to 10900 from where the index has broken down from the September-2018 lows.

Broad range for the week is seen from 9800 to 9900 on downside & 10600 to 10700 on upside.