EquityPandit’s Outlook for Nifty for the week (July 20,2020 – July 24, 2020):

NIFTY:

NIFTY 50 Index closed the week on positive note gaining 133.65 points 1.24%.

Weekly High: 10,933.45

Weekly Low: 10,562.90

Weekly Close: 10,901.70

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 10650 levels, whereas minor resistance on the upside is capped around 11150-11200 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 10300 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 above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 10500 on downside and 11400 on upside.

WEEKLY PIVOT LEVELS:

RESISTANCE 2: 11,169

RESISTANCE 1: 11,035

SUPPORT 1: 10,665

SUPPORT 2: 10,428