EquityPandit’s Outlook for Nifty for the week (Oct 7, 2019 – Oct 11, 2019)
NIFTY 50 Index closed the week on negative note loosing -61.85 Points -0.56%
Weekly High: 11554.20
Weekly Low: 11158.35
Weekly Close: 11174.75
RESISTANCE 2: 11,691
RESISTANCE 1: 11,433
SUPPORT 1: 11,037
SUPPORT 2: 10,899
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 11000 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 10750 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 11650
Currently nifty 50 index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 10750 on downside and 11450 on upside.