Nifty50 Index Weekly Outlook and Analysis:

For the Week: (Jan 31, 2022 – Feb 04, 2022)

NIFTY 50 Index closed the week on negative note losing 515.20 points 2.92%.

Weekly High: 17,599.40

Weekly Low: 16,836.80

Weekly Close: 17,101.95

Weekly Support & Resistance For Nifty Index:

RESISTANCE 2	17,941
RESISTANCE 1	17,521
SUPPORT 1	16,759
SUPPORT 2	16,416

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 16800 levels, whereas minor resistance on the upside is capped around 17400-17450 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 16500 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 17700.

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 16600 on downside and 17600 on upside.

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