Nifty50 Index Weekly Outlook and Analysis:
For the Week: (July 25, 2022 – July 29, 2022)
NIFTY 50 Index closed the week on positive note gaining 670.25 points 4.18%.
Weekly High: 1,6752.25
Weekly Low: 16,142.20
Weekly Close: 16,719.45
Weekly Support & Resistance For Nifty Index:
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 16500 levels, whereas minor resistance on the upside is capped around 16950-17000 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 16300 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 17200.
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 16350 on downside and 17100 on upside.