EquityPandit’s Outlook for Nifty for the week (March 09, 2020 – March 13, 2020):

NIFTY:

NIFTY 50 Index closed the week on negative note losing 212.30 Points 1.90%.

Weekly High: 11,433

Weekly Low: 10,827.40

Weekly Close: 10,989.45

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 10750 levels, whereas minor resistance on the upside is capped around 11200-11250 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 10500 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 11500.

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 10550 on downside and 11400 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 11,688

RESISTANCE 1: 11,339

SUPPORT 1: 10,733

SUPPORT 2: 10,477