EquityPandit’s Outlook for Nifty for the week (Aug 26, 2019 – Aug 30, 2019):
NIFTY 50 Index closed the week on negative note loosing -218.45 Points -1.98%
Weekly High: 11146.90
Weekly Low: 10637.15
Weekly Close: 10829.35
RESISTANCE 2: 11381
RESISTANCE 1: 11105
SUPPORT 1: 10595
SUPPORT 2: 10361
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 10550 levels, whereas minor resistance on the upside is capped around 10950-11000 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 10300 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 11200
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 11200 on upside and 10300 on downside.