Nifty50 Index Weekly Outlook and Analysis:
For the Week: (Aug 03,2020 – Aug 07,2020)
NIFTY 50 closed the week on negative note losing 120.70 points (-1.08%)
Weekly High: 11,341.40
Weekly Low: 11,026.65
Weekly Close: 11,073.45
Nifty weekly Support and Resistance levels:
Check the Trend Of Major Indices and Stocks
NIFTY 50 is trading in rising channel after panic selloff . Indices seems to be witness profit booking from its strong resistance at upper channel. We expect some more corrective action in Nifty index.
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 10800 levels, whereas minor resistance on the upside is capped around 11250-11300 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 10550 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 11550.
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 10650 on downside and 11450 on upside.
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