EquityPandit’s Outlook for Nifty for the week (Sept 30, 2019 – Oct 5, 2019):
NIFTY 50 Index closed the week on negative note loosing -61.85 Points -0.56%
Weekly High: 11542.70
Weekly Low: 11416.10
Weekly Close: 11512.40
RESISTANCE 2: 11,819
RESISTANCE 1: 11,666
SUPPORT 1: 11,387
SUPPORT 2: 11,262
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 11300 levels, whereas minor resistance on the upside is capped around 11650-11700 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 11100 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 11850
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 11300 on downside and 11800 on upside.