Nifty50 Index Weekly Outlook and Analysis:
For the Week: (June 05, 2021 – June 11, 2021)
NIFTY 50 Index closed the week on positive note gaining 234.60 points 1.52%.
Weekly High: 15,733.60
Weekly Low: 15,374
Weekly Close: 15,670.20
Weekly Support & Resistance For Nifty Index:
NIFTY 50 index opened flat and rallied in early part of the week. Index continued its rally in lackluster manner most of the week. Index witnessed profit booking at fag end of the week after relentless rally from three weeks. Though index is in uptrend, it could face profit booking after this strong rally.
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 15500 levels, whereas minor resistance on the upside is capped around 15850-15900 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 15200 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 16200.
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 15300 on downside and 16000 on upside.