EquityPandit’s Outlook for Nifty for the week (May 27, 2019 – May 31,2019)
NIFTY 50 Index closed the week on positive note gaining +436.95 Points +3.83 %
Weekly High: 12041.2
Weekly Low: 11259.8
Weekly Close: 11844.10
Nifty 50 touch the historic levels of 12000 on the election results day. We think next phase of bull run will continue and mid caps will now out perform the nifty index for the next 1-2 years. For the week nifty has stiff resistance zone around 12050– 12100 and any daily closing above 12100 is bullish for the market and we can see rally up to 13000 mark. As we can clearly see a huge run away gap on charts which market may cover before heading towards higher levels, hence for the week we may see some selling and profit booking in market.
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 11600-11550 levels, whereas minor resistance on the upside is capped around 12050-12100 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 index towards major support on lower side around 11300-11250 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 12300– 12350
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 12300– 12350 on upside and 11300– 11250 on downside.