Nifty50 Index Weekly Outlook and Analysis:

For the Week: (Aug 17,2020 – Aug 21,2020)

NIFTY 50 Index closed the week on negative note losing 35.65 points 0.32%.

Weekly High: 11,373.60

Weekly Low: 11,111.45

Weekly Close: 11,178.40

Weekly Support & Resistance For Nifty Index:

NIFTY 50 is trading in rising channel, it traded choppy most of the week. However, indices witnessed sharp selloff on Friday back of global weakness and profit booking. We expect market could correct further if, bull unable to hold 11000 levels on index next week.
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 10850 levels, whereas minor resistance on the upside is capped around 11350-11400 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 10550 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 11550.

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 10650 on downside and 11450 on upside.