Nifty50 Index Weekly Outlook and Analysis:

For the Week: (Jan 25,2021 – Jan 29,2021)

NIFTY 50 Index closed the week on negative note losing 61.80 points 0.43%.

Weekly High: 14,753.55

Weekly Low: 14,222.80

Weekly Close: 14,371.90

Weekly Support & Resistance For Nifty Index:

NIFTY 50 index opened flat and dragged in opening session of the week. Index recouped losses and made fresh fifty two weeks high in mid week. However, rally was short lived index witness profit booking at fag end of the week and ended with muted loss. We expect index likely witness profit booking, momentum indicator also showing divergence which supports our view.

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 14200 levels, whereas minor resistance on the upside is capped around 14550-14600 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 13900 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 14900.

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 13950 on downside and 14800 on upside.