EquityPandit’s Outlook for Nifty for the week (April 29,2019 – May 03,2019):
Weekly High: 11856.2
Weekly Low: 11564.80
Weekly Close: 11754.65
Nifty last week sustained above strong support levels of 11550, Heading towards all time highs ahead of general Election 2019, results to be announced in May 2019, its time to be alert as ahead of event nifty trading at all-time highs, time to trade with hedge in Nifty.
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 11550- 11500 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 11400- 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 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 11400- 11300 on downside.