EquityPandit’s Outlook for Nifty for the week (July 06, 2020 – July 10, 2020):
NIFTY 50 Index closed the week on positive note gaining 224.35 points 2.16%.
Weekly High: 10,631.30
Weekly Low: 10,223.60
Weekly Close: 10,607.35
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 10400 levels, whereas minor resistance on the upside is capped around 10750-10800 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 10000 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 11100.
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 10100 on downside and 11000 on upside.
WEEKLY PIVOT LEVELS:
RESISTANCE 2: 10,895
RESISTANCE 1: 10,751
SUPPORT 1: 10,343
SUPPORT 2: 10,079