Nifty50 Index Weekly Outlook and Analysis:
For the Week: (May 23, 2022 – May 27, 2022)
NIFTY 50 Index closed the week on positive note gaining 484 points 3.07%.
Weekly High: 16,399.80
Weekly Low: 15,739.65
Weekly Close: 16,266.15
Weekly Support & Resistance For Nifty Index:
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 16000 levels, whereas minor resistance on the upside is capped around 16450-16500 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 15700 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 16800.
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 15800 on downside and 16700 on upside.