EquityPandit’s Outlook for Nifty for the week (April 22,2019 – April 26,2019)
NIFTY 50 Index closed the week on positive note gaining +168.50Points +1.45%
Weekly High: 11856.2
Weekly Low: 11550.5
Weekly Close: 11752.80
Nifty last week crossed previous all-time high resistance levels of 11761 and closed above it, Nifty has entered the bullish zone and upside rally may be seen in the this week.
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 11600- 11700 levels, whereas minor resistance on the upside is capped around 12000- 12100 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 11200- 11300 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 12300- 12400
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 12300- 12400 on upside and 11200- 11300 on downside.