Nifty Outlook for the Week (Nov 22,2021 – Nov 26,2021)

Nifty50 Index Weekly Outlook and Analysis:

For the Week: (Nov 22,2021 – Nov 26,2021)

NIFTY 50 Index closed the week on negative note losing 337.95 points 1.87%.

Weekly High: 18,210.15

Weekly Low: 17,688.50

Weekly Close: 17,764.80

Weekly Support & Resistance For Nifty Index:

RESISTANCE 218,409   
SUPPORT 117,565  
SUPPORT 217,366  

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 17550 levels, whereas minor resistance on the upside is capped around 17900-17950 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 17300 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 18150.

Currently nifty 50 index is trading above200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 17350 on downside and 18100 on upside.

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