EquityPandit’s Outlook for Nifty for the week (July 13,2020 – July 17, 2020):
NIFTY 50 Index closed the week on positive note gaining 160.70 points 1.51%.
Weekly High: 10,847.85
Weekly Low: 10,676.55
Weekly Close: 10,768.05
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 10500 levels, whereas minor resistance on the upside is capped around 10950-11000 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 10200 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 11300.
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 10300 on downside and 11200 on upside.
WEEKLY PIVOT LEVELS:
RESISTANCE 2: 10,935
RESISTANCE 1: 10,851
SUPPORT 1: 10,680
SUPPORT 2: 10,592