EquityPandit’s Outlook for Nifty for the week (April 6, 2020 – April 10, 2020):

NIFTY:

NIFTY 50 Index closed the week on negative note losing 576.45 Points 6.66%.

Weekly High: 8,678.30

Weekly Low: 8,055.80

Weekly Close: 8,083.80

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 7800 levels, whereas minor resistance on the upside is capped around 8550-8600 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 7300 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 9200.

Currently nifty 50 index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 7400 on downside and 9000 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 8,895

RESISTANCE 1: 8,489

SUPPORT 1: 7,866

SUPPORT 2: 7,650