EquityPandit’s Outlook for Nifty for the week (Feb 17, 2020 – Feb 21, 2020):
NIFTY 50 Index closed the week on positive note gaining 15.10 Points 0.12%.
Weekly High: 12,246.70
Weekly Low: 11,990.75
Weekly Close: 12,113.45
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 11950 levels, whereas minor resistance on the upside is capped around 12250-12300 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 11750 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 12400.
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 11800 on downside and 12300 on upside.
Weekly Pivot Levels:
RESISTANCE 2: 12,372
RESISTANCE 1: 12,243
SUPPORT 1: 11,987
SUPPORT 2: 11,861