Nifty50 Index Weekly Outlook and Analysis:

For the Week: (Sept 07,2020 – Sept 11,2020)

NIFTY 50 Index closed the week on negative note losing 313.75 points 2.69%.

Weekly High: 11,794.25

Weekly Low: 11,303.65

Weekly Close: 11,333.85

Weekly Support & Resistance For Nifty Index:

NIFTY 50 is trading in rising channel and it has given breakdown of its intermediate trend line. Index also form bearish engulfing candle pattern on weekly charts, which suggest further corrective action in index. We expect market could witness profit booking amid geopolitical tension.

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 11600-11650 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 10750 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 11900.

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 10800 on downside and 11800 on upside.