EquityPandit’s Outlook for Nifty for the week (May 4, 2020 – May 8, 2020):

NIFTY:

NIFTY 50 Index closed the week on positive note gaining 705.50 Points 7.71%.

Weekly High: 9,889.05

Weekly Low: 9,250.35

Weekly Close: 9,859.90

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 9450 levels, whereas minor resistance on the upside is capped around 10050-10100 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 9200 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 10350.

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 9300 on downside and 10300 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 10,305

RESISTANCE 1: 10,082

SUPPORT 1: 9,443

SUPPORT 2: 9,027