Nifty50 Index Weekly Outlook and Analysis:

For the Week: (Feb 01,2021 – Feb 05,2021)

NIFTY 50 Index closed the week on negative note losing 737.30 points 5.13%.

Weekly High: 14,491.10

Weekly Low: 13,596.75

Weekly Close: 13,634.60

Weekly Support & Resistance For Nifty Index:

NIFTY 50 index opened higher and dragged in opening session of the week. Index given breakdown of important support zone which led selling pressure throughout the week. Despite Finance Minister’s comment, it well be never before budget index dragged over 5%. We expect index likely to continue profit booking, any positive surprise from union budget could trigger short covering bounce.

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 13300 levels, whereas minor resistance on the upside is capped around 14000-14050 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 12900 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 14300.

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 13000 on downside and 14200 on upside.