EquityPandit’s Outlook for Nifty for the week (Nov 11, 2019 – Nov 15, 2019):
NIFTY 50 Index closed the week on positive note gaining 17.55 Points 0.15%.
Weekly High: 12,034.15
Weekly Low: 11,850.25
Weekly Close: 11,908.15
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 11800 levels, whereas minor resistance on the upside is capped around 12025-12050 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 11650 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 12250.
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 11650 on downside and 12100 on upside.
WEEKLY PIVOT LEVELS FOR NIFTY:
RESISTANCE 2: 12,114
RESISTANCE 1: 12,011
SUPPORT 1: 11,827
SUPPORT 2: 11,746