Nifty50 Index Weekly Outlook and Analysis:

For the Week: (Feb 15,2021 – Feb 19,2021)

NIFTY 50 Index closed the week on positive note gaining 1289.65 points 9.46%.

Weekly High: 15,014.65

Weekly Low: 13,661.75

Weekly Close: 14,924.25

Weekly Support & Resistance For Nifty Index:

NIFTY 50 index opened tad higher and rallied in opening session of the week back better than expected outcome of union budget. Index rallied throughout the week and hit its key psychological levels of 15000 mark. We expect index may take breather after massive gain, it is wise to adopt buy on dip strategy.

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 14700 levels, whereas minor resistance on the upside is capped around 15150-15200 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 14300 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 15600.

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 14400 on downside and 15500 on upside.