EquityPandit’s Outlook for Nifty for the week (Jan 27, 2020 – Jan 31, 2020):

NIFTY:

NIFTY 50 Index closed the week on negative note losing 104.10 Points 0.84%.

Weekly High: 12,430.50

Weekly Low: 12,087.90

Weekly Close: 12,248.25

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 12075 levels, whereas minor resistance on the upside is capped around 12425-12450 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 11900 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 12600.

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 11900 on downside and 12500 on upside.

Weekly Pivot Level For Nifty Index:

RESISTANCE 2: 12,598

RESISTANCE 1: 12,423

SUPPORT 1: 12,080

SUPPORT 2: 11,912