EquityPandit’s Outlook for Nifty for the week  (Oct 22, 2018 – Oct 26, 2018):

NIFTY:

Nifty closed the week on negative note losing around 1.60%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 10710 and close the week around the levels of 10303.

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 9900 to 10000 on downside & 10600 to 10700 on upside.