Nifty50 Index Weekly Outlook and Analysis:

For the Week: (Aug 31,2020 – Sept 04,2020)

NIFTY 50 Index closed the week on positive note gaining 275.40 points 2.42%.

Weekly High: 11,686.05

Weekly Low: 11,410.65

Weekly Close: 11,647.60

Weekly Support & Resistance For Nifty Index:

NIFTY 50 is trading in rising channel and it continued its uptrend in muted fashion. Index manage to close above important supply zone at 11500 levels, which now act as stop loss for short term. We expect market continue this uptrend till it close above said levels.

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 11500 levels, whereas minor resistance on the upside is capped around 11800-11850 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 11200 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 12100.

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 11300 on downside and 12000 on upside.