EquityPandit’s Outlook for Nifty for the week (Aug 19, 2019 – Aug 23, 2019):

NIFTY:

NIFTY 50 Index closed the week on negative note loosing -61.85 Points -0.56%

Weekly High: 11145.90

Weekly Low: 10901.6

Weekly Close: 11047.80

 
RESISTANCE 2: 11276

RESISTANCE 1: 11162

SUPPORT 1: 10918

SUPPORT 2: 10787

 
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 10770 levels, whereas minor resistance on the upside is capped around 11150-11200 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 10450 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 11750

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 11750 on upside and 10450 on downside.