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Nifty50 Index Weekly Outlook and Analysis:
For the Week: (Mar 20, 2023 – March 24, 2023)
NIFTY 50 Index closed the week on negative note losing 312.85 points 1.80%.
Weekly High: 17,529.90
Weekly Low: 16,850.15
Weekly Close: 17,100.05
Weekly Support & Resistance For Nifty Index:
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 16,900 levels, whereas minor resistance on the upside is capped around 17,200-17,250 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 16,700 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 17,500.
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 16,750 on downside and 17,400 on upside.