EquityPandit’s Outlook for Nifty for the week (March 02, 2020 – March 06, 2020):

NIFTY:

NIFTY 50 Index closed the week on negative note losing 879.10 Points 7.28%.

Weekly High: 12,012.55

Weekly Low: 11,175.05

Weekly Close: 11,201.75

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 10950 levels, whereas minor resistance on the upside is capped around 11475-11500 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 10600 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 11700.

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 10600 on downside and 11500 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 12,300

RESISTANCE 1: 11,751

SUPPORT 1: 10,913

SUPPORT 2: 10,625