EquityPandit’s Outlook for Nifty for the week (April 15, 2019 – April 19, 2019):
Weekly High: 11710
Weekly Low: 11549.10
Weekly Close: 11643.45
Nifty index currently has strong support zone around 11500- 11550 and we would see tough fight between bulls and bears this week, ahead of general election we may see consolidation in range of 11300- 11750, Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 11500- 11550 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.