EquityPandit’s Outlook for Nifty for the week (Aug 05, 2019 – Aug 09, 2019):
NIFTY 50 Index closed the week on negative note loosing –421.90 Points –3.69%
Weekly High: 11310.95
Weekly Low: 10848.95
Weekly Close: 10997.35
RESISTANCE 2: 11514
RESISTANCE 1: 11256
SUPPORT 1: 10794
SUPPORT 2: 10590
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 11850 levels, whereas minor resistance on the upside is capped around 11100-11150 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 10550 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 11350
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 11350 on upside and 10550 on downside.