EquityPandit’s Outlook for Nifty for the week (June 01, 2019 – June 07, 2019):
NIFTY 50 Index closed the week on positive note gaining +78.70 Points +0.66 %
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 11600-11550 levels, whereas minor resistance on the upside is capped around 12050-12100 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 11300-11250 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– 12350
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– 12350 on upside and 11300– 11250 on downside.