EquityPandit’s Outlook for Nifty for the week  (Oct 15, 2018 – Oct 19, 2018):

NIFTY:

Nifty closed the week on positive note gaining around 1.50%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 10492 and close the week around the levels of 10472.

Minor support for the index lies in the zone of 10100 to 10200. 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 10500 to 10600 from where the index has broken down from May-2018 and June-2018 lows and Fibonacci levels are lying. 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 and long term moving averages are lying.

Broad range for the week is seen from 10000 to 10100 on downside & 10700 to 10800 on upside.