EquityPandit’s Outlook for Nifty for the week (May 13, 2019 – May 17,2019):
NIFTY 50 Index closed the week on negative note losing -433.35 Points -3.70 %
Weekly High: 11789.30
Weekly Low: 11251.05
Weekly Close: 11278.90
Nifty 50 Index trading near to 100 exponential moving average which is important level to be watched, If nifty spot trades below 11220 levels and sustains below it we may see sharp sell off in over all market and nifty may head towards 11000– 10900. Ahead of election results we have see sharp sell off last week which may continue if nifty 50 closes below 11220.
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 11220- 11200 levels, whereas minor resistance on the upside is capped around 11350- 11370 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 11070– 11000 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 11550– 11570
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 11550– 11570 on upside and 11070– 11000 on downside.