EquityPandit’s Outlook for Nifty for the week (May 18, 2020 – May 22, 2020):
NIFTY 50 Index closed the week on negative note losing 114.65 Points 1.24%.
Weekly High: 9,584.50
Weekly Low: 9,043.95
Weekly Close: 9,136.85
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 8800 levels, whereas minor resistance on the upside is capped around 9550-9600 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 8400 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 10000.
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 8450 on downside and 9900 on upside.
Weekly Pivot Levels:
RESISTANCE 2: 9,795
RESISTANCE 1: 9,466
SUPPORT 1: 8,925
SUPPORT 2: 8,714