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Nifty50 Index Weekly Outlook and Analysis:
For the Week: (May 01, 2023 – May 05, 2023)
NIFTY 50 Index closed the week on positive note gaining 440.95 points 2.50%.
Weekly High: 18,089.15
Weekly Low: 17,612.50
Weekly Close: 18,065
Weekly Support & Resistance For Nifty Index:
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 17,900 levels, whereas minor resistance on the upside is capped around 18,150-18,200 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 17,700 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 18,375.
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 17,750 on downside and 18,325 on upside.