EquityPandit’s Outlook for Nifty for the week (Oct 14, 2019 – Oct 18, 2019):
NIFTY 50 Index closed the week on positive note gaining 130.30 Points 1.17%
Weekly High: 11362.90
Weekly Low: 11090.15
Weekly Close: 11305.05
RESISTANCE 2: 11,525
RESISTANCE 1: 11,415
SUPPORT 1: 11,142
SUPPORT 2: 10,979
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 11090 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 towards major support on lower side around 10950 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 11575
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 10950 on downside and 11550 on upside.