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Nifty50 Index Weekly Outlook and Analysis:

For the Week: (June 12, 2023 – June 16, 2023)

Nifty Outlook for the Week (May 22, 2023 – May 26, 2023)

NIFTY 50 Index closed the week on a positive note gaining 29.30 points 0.16%.

Weekly High: 18,777.90

Weekly Low: 18,531.60

Weekly Range: 18,563.40

Weekly Support & Resistance For Nifty:

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 18,450 levels, whereas minor resistance on the upside is capped around 18,650-18,675 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 18,300 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 18,800.

Currently nifty 50 index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 18,350 on downside and 18,750 on upside.