EquityPandit’s Outlook for Nifty for the week (Nov 4, 2019 – Nov 8, 2019):
NIFTY 50 Index closed the week on positive note gaining 306.70 Points 2.65%.
Weekly High: 11,945
Weekly Low: 11,627.35
Weekly Close: 11,890.60
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 11700 levels, whereas minor resistance on the upside is capped around 12100-12150 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 11500 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 11600 on downside and 12250 on upside.
RESISTANCE 2: 12,138
RESISTANCE 1: 12,014
SUPPORT 1: 11,696
SUPPORT 2: 11,503