EquityPandit’s Outlook for Nifty for the week (Mar 18, 2019 – Mar 22, 2019):
NIFTY 50 Index closed the week on positive note gaining 391.45 Points (+3.55%).
Weekly High: 11487
Weekly Low: 11009
Weekly Close: 11426.85
As we predicted last week nifty broke minor resistance of 11150 and is heading towards resistance of 11700- 11800, Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 11080- 11180 levels, whereas minor resistance on the upside is capped around 11700- 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 10700 -10800 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 10700- 10800 on downside.