Nifty50 Index Weekly Outlook and Analysis:

For the Week: (Aug 10,2020 – Aug 14,2020)

NIFTY 50 Index closed the week on positive note gaining 140.60 points 1.27%.

Weekly High: 11,256.80

Weekly Low: 10,882.25

Weekly Close: 11,214.05

Weekly Support & Resistance Levels for Nifty50 Index:

NIFTY 50 is trading in rising channel after panic selloff at start of the week. Indices recovered after it took support of previous swing highs . We expect market will continue its northward journey, till it hold the higher highs formation on indices.

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 11000 levels, whereas minor resistance on the upside is capped around 11300-11350 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 10700 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 11650.

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 10750 on downside and 11550 on upside.

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