EquityPandit’s Outlook for Nifty for the week (March 23, 2020 – March 27, 2020):

NIFTY:

NIFTY 50 Index closed the week on negative note losing 1209.75 Points 12.15%.

Weekly High: 9,602.20

Weekly Low: 7,832.55

Weekly Close: 8,745.45

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 8150 levels, whereas minor resistance on the upside is capped around 9150-9200 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 7750 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 9600.

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 7700 on downside and 9600 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 10,496

RESISTANCE 1: 9,620

SUPPORT 1: 7,851

SUPPORT 2: 6,957