Equityandit’s Outlook for Nifty for week (Sep 04, 2017 – Sep 08, 2017):

NIFTY:

Nifty closed the week on positive note gaining around 1.20%.

As we have mentioned last week, that support for the index lies in the zone of 9780 to 9810 where short term moving averages are lying. Support for the index lies in the zone of 9700 to 9740 from where the index broke out of June-2017 high. If the index manages to close below these levels then the index can drift to the levels of 9550 to 9600 where medium term moving averages are lying. During the week the index manages to hit a low of 9784 and close the week around the levels of 9975.

Minor support for the index lies in the zone of 9880 to 9910. Support for the index lies in the zone of 9800 to 9830 where short term moving averages are lying. Support for the index lies in the zone of 9700 to 9740 from where the index broke out of June-2017 high. If the index manages to close below these levels then the index can drift to the levels of 9550 to 9600 where medium term moving averages are lying.

Resistance for the index lies in the zone of 9950 to 10000 from where the index has broken down after consolidation. If the index manages to close above these levels then the index can move to the levels of 10080 to 10120 where the index has formed a top in the month of August-2017.

Broad range for the week is seen from 9800 on downside & 10200 on upside.