Nifty50 Index Weekly Outlook and Analysis:
For the Week: (April 05,2021 – April 09,2021)
NIFTY 50 Index closed the week on positive note gaining 360.05 points 2.48%.
Weekly High: 14,883.20
Weekly Low: 14,617.60
Weekly Close: 14,867.35
Weekly Support & Resistance For Nifty Index:
NIFTY 50 index opened gap up and extended gain in opening session of the week. Index consolidated than after and ended on strong note. We expect index continue this uptrend if it manage to close above its key psychological resistance of 15000 levels. Momentum indicator also trending upward from its oversold zone which suggest bullish activity.
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 14650 levels, whereas minor resistance on the upside is capped around 15000-15050 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 14400 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 15300.
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 14500 on downside and 15200 on upside.