Nifty50 Index Weekly Outlook and Analysis:

For the Week: (Aug 24,2020 – Aug 28,2020)

NIFTY 50 Index closed the week on positive note gaining 193.20 points 1.73%.

Weekly High: 11,460.35

Weekly Low: 11,144.50

Weekly Close: 11,371.60

Weekly Support & Resistance For Nifty Index:

NIFTY 50 is trading in rising channel and it continue traded lackluster during the week. We expect market to should continue its choppy trading activity. However, momentum indicator showing chance of trend reversal. If Nifty index close below 11200 levels, which confirm further corrective action in index.

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 11200 levels, whereas minor resistance on the upside is capped around 11500-11550 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 10900 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 11800.

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 11000 on downside and 11700 on upside.