EquityPandit’s Outlook for Nifty for the week (Sept 9, 2019 – Sept 13, 2019):
NIFTY 50 Index closed the week on negative note loosing -77.05 Points -0.70%
Weekly High: 10967.5
Weekly Low: 10746.35
Weekly Close: 10946.20
RESISTANCE 2: 11108
RESISTANCE 1: 11027
SUPPORT 1: 10806
SUPPORT 2: 10666
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 10800 levels, whereas minor resistance on the upside is capped around 11050-11100 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 10600 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 11400
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 upside and 10600 on downside.