Nifty50 Index Weekly Outlook and Analysis:

For the Week: (May 10,2021 – May 14,2021)

NIFTY 50 Index closed the week on a positive note gaining 192.05 points 1.31%.

Weekly High: 14,863.05

Weekly Low: 14,416.25

Weekly Close: 14,823.15

Weekly Support & Resistance For Nifty Index:

NIFTY 50 index opened gap down in opening session of the week. Index traded volatile in early part of the week tracking global weakness. However, index witnessed buying in later half of the week. We expect index likely to continue range trading activity till it close below 15000 levels going forward.

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 14600 levels, whereas minor resistance on the upside is capped around 15000-15050 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 14300 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 15300.

Currently nifty 50 index is trading above 200 days exponential moving average and suggests long term trend is bullish. Equity-Pandit’s analyst predicts range for the week is seen from 14400 on downside and 15250 on upside.