EquityPandit’s Outlook for Nifty for the week (April 08, 2019 – April 012, 2019):
NIFTY 50 Index closed the week on positive note gaining +42.05 Points (+0.36%).
Weekly High: 11761
Weekly Low: 11559.20
Weekly Close: 11665.95
Nifty last week as we predicted touched all time high levels, which would act as stiff resistance for the index. One should go long on nifty only once it closes above 11761 levels, During last week nifty formed bearish engulfing candlestick pattern and from there we have seen profit booking. 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.