EquityPandit’s Outlook for Nifty for week (September 19, 2016 – September 23, 2016):

NIFTY:

Nifty ended the week on negative note losing around 1.00%.

As we have mentioned last week that minor support for the index lies in the zone of 8800. Support for the index lies in the zone of 8700 to 8730 from where the index broke out of the short term top. If the index manages to close below these levels then the index can drift to the levels of 8600 to 8650 where short term moving averages are lying. During the week the index manages to hit a low of 8689 and close the week around the levels of 8780.

Support for the index lies in the zone of 8680 to 8710 from where the index broke out of the short term top. If the index manages to close below these levels then the index can drift to the levels of 8600 to 8650 where short term moving averages are lying.

Minor resistance for the index lies in the zone of 8850. Resistance for the index lies in the zone of 8950 to 9000. If the index manages to close above these levels then the index can move to the levels of 9100 where life time high for the index is lying.

Broad range for the week is seen from 8600 on downside to 9000 on upside.