Nifty50 Index Weekly Outlook and Analysis:
For the Week: (May 3,2021 – May 7,2021)
NIFTY 50 Index closed the week on positive note gaining 289.75 points 2.02%.
Weekly High: 15,044.35
Weekly Low: 14,421.30
Weekly Close: 14,631.10
Weekly Support & Resistance For Nifty Index:
NIFTY 50 index opened gap up and rallied in early part of the week led by financials. Index hits its strong psychological resis-tance of 15000 and again retreated. Index dragged at fag end of the week and pared partial gain amid profit booking. We expect index likely to continue range trading activity till it close below 15000 levels going forward.
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 14450 levels, whereas minor resistance on the upside is capped around 14800-14850 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 14000 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 15200.
Currently nifty 50 index is trading above200 days exponential moving average and suggests long term trend is bullish. Equity-Pandit’s analyst predicts range for the week is seen from 14200 on downside and 15000 on upside.