Nifty50 Index Weekly Outlook and Analysis:

For the Week: (Dec 14,2020 – Dec 18,2020)

NIFTY 50 Index closed the week on positive note gaining 255.30 points 1.93%.

Weekly High: 13,579.35

Weekly Low: 13,241.95

Weekly Close: 13,513.85

Weekly Support & Resistance For Nifty Index:

 
NIFTY 50 index opened gap up and extended gain throughout the week. Index continued its bullish journey and clocked gain for sixth weeks in raw. However, index faced resistance at upper trend line of parallel channel and witnessed profit booking at fag end of the week. We expect index could witnessed profit booking, investors are advised to remain cautious.

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 13350 levels, whereas minor resistance on the upside is capped around 13600-13650 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 13000 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 13900.

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 13100 on downside and 13800 on upside.