EquityPandit’s Outlook for Nifty for the week (Aug 12, 2019 – Aug 16, 2019):
NIFTY 50 Index closed the week on positive note gaining +112.30 Points +1.02%
Weekly High: 11181.45
Weekly Low: 10782.60
Weekly Close: 11109.65
RESISTANCE 2: 11423
RESISTANCE 1: 11267
SUPPORT 1: 10868
SUPPORT 2: 10626
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 10960 levels, whereas minor resistance on the upside is capped around 11400-11450 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 10750 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 11750
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 11750 on upside and 10750 on downside.