EquityPandit’s Outlook for Nifty for the week (Sept 23, 2019 – Sept 27, 2019):
NIFTY 50 Index closed the week on positive note gaining +198.30 Points +1.79%
Weekly High: 11381.90
Weekly Low: 10670.25
Weekly Close: 11274.20
RESISTANCE 1: 11547.32
SUPPORT 1: 10835.67
SUPPORT 2: 10397.13
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 11070 levels, whereas minor resistance on the upside is capped around 11450-11550 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 towards major support on lower side around 10835 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 10835 on downside and 11750 on upside.