EquityPandit’s Outlook for Nifty for the week ((June 29, 2020 – July 03, 2020):
NIFTY 50 Index closed the week on positive note gaining 138.60 points 1.35%.
Weekly High: 10,553.15
Weekly Low: 10,194.50
Weekly Close: 10,383
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 10200 levels, whereas minor resistance on the upside is capped around 10550-10575 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 9700 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 10900.
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 9800 on downside and 10800 on upside.
NIFTY WEEKLY PIVOT LEVELS:
RESISTANCE 2: 10,735
RESISTANCE 1: 10,559
SUPPORT 1: 10,200
SUPPORT 2: 10,018