Nifty50 Index Weekly Outlook and Analysis:

For the Week: (May 24,2021 – May 28,2021)

NIFTY 50 Index closed the week on positive note gaining 497.50 points 3.39%.

Weekly High: 15,190

Weekly Low: 14,725.35

Weekly Close: 15,175.30

Weekly Support & Resistance For Nifty Index:

NIFTY 50 index opened gap up and rallied in early part of the week. Index managed to close above its key psychological resistance of 15000 levels in early trade. Index dragged in mid week tracking weak global cues. However, index recoup lost ground at fag end of the week and ended on strong note. We expect index likely to continue this rally and it could hit all time highs going forward.

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 14950 levels, whereas minor resistance on the upside is capped around 15350-15400 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 14700 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 15700.

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 14800 on downside and 15600 on upside.