Upcoming Week Nifty Movement:
Outlook for Nifty for week (October 7 to October 11,2016)):
Nifty ended the week on negative note and their lowest level in nearly four months.
The Nifty50 slipped below its crucial support level at 8450 on Friday and was trading near its support at 8400, as sentiment remained weak on growing uncertainty over the outcome of the U.S. presidential election and led by drug makers, that U.S. prosecutors could file charges by year-end in a criminal investigation of generic makers over suspected price collusion.
In coming week nifty can come in the range of 8400-8390 good selling pressure can be seen in this range and test its nearest support level of 8350-8280 respectively.
Resistance for the index lies in the zone of 8500 to 8520 levels from where the index has broken down. If the index closes above these levels then the index can move to the levels of 8560 to 8620 .
Broad range for the week is seen from 8300 on downside to 8600 on upside.
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