EquityPandit’s Outlook for Nifty for the week (Mar 11, 2019 – Mar 15, 2019):
NIFTY 50 Index closed the week on positive note gaining +242.90 Points (+2.25%).
Weekly High: 11089.05
Weekly Low: 10784.80
Weekly Close: 11035.40
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 10500- 10550 levels, where as minor resistance on the upside is capped around 11150- 11250 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 10150- 10200 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 11600- 11700
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 11600- 11700 on upside and 10500- 10550 on downside.