Nifty50 Index Weekly Outlook and Analysis:
For the Week: (Oct 12,2020 – Oct 16,2020)
NIFTY 50 Index closed the week on positive note gaining 497.25 points 4.36%.
Weekly High: 11,938.60
Weekly Low: 11,452.30
Weekly Close: 11,914.20
Weekly Support & Resistance For Nifty Index:
NIFTY 50 witnessed sharp rally after it surpass strong resistance zone of 11550-11650 levels. Index was rallied tracking recovery in US market and short covering. We expect indices could continue this uptrend. However, index rallied six day in raw and overbought on intraday charts, we suggest trader should adopt buy on dip strategy.
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 11650 levels, whereas minor resistance on the upside is capped around 12100-12150 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 11300 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 above200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 11500 on downside and 12300 on upside.