EquityPandit’s Outlook for Nifty for the week (Oct 21, 2019 – Oct 25, 2019):
NIFTY 50 Index closed the week on positive note gaining 356.80 Points 3.16%.
Weekly High: 11,684.70
Weekly Low: 11,290.05
Weekly Close: 11,661.85
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 11400 levels, whereas minor resistance on the upside is capped around 11800-11850 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 11300 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 12000.
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 11400 on downside and 11950 on upside.
RESISTANCE 2: 11,940
RESISTANCE 1: 11,801
SUPPORT 1: 11,406
SUPPORT 2: 11,150