EquityPandit’s Outlook for Nifty for the week (April 01, 2019 – April 05, 2019):
NIFTY 50 Index closed the week on positive note gaining +167 Points (+1.46%).
Weekly High: 11630.35
Weekly Low: 11311.6
Weekly Close: 11623.90
Nifty is all set to test all-time highs and last week we have seen tough fight between bulls and bears. But finally technical study suggest all time high is all ready to be market in this week. Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 11300 11350 levels, whereas minor resistance on the upside is capped around 11750- 11800 levels.
If nifty 50 index breaches minor support on the downside and closes below it we may see fresh break down and index can drag index towards major support on lower side around 11000- 10900 and if breaches minor resistance on the upside and closes above it we may see fresh breakout and index can head towards higher levels around 12000- 12100
Currently nifty 50 index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 12000-12100 on upside and 11000-10900 on downside.