Nifty50 Index Weekly Outlook and Analysis:

For the Week: (April 12,2021 – April 16,2021)

NIFTY 50 Index closed the week on negative note losing 32.50 points 0.22%.

Weekly High: 14,984.15

Weekly Low: 14,459.5

Weekly Close: 14,834.85

Weekly Support & Resistance For Nifty Index:

NIFTY 50 index opened gap down and dragged in opening session of the week. Index took rebound from its support zone and made fresh week’s high in mid week. Index gave up gain at fag end of the week and ended with muted loss. Index formed doji candle pattern on weekly chart, which suggest indecisiveness of trend. We expect index continue its side ways corrective action till it close below its key psychological resistance of 15000 levels.

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 14600 levels, whereas minor resistance on the upside is capped around 15000-15050 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 14400 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 15300.

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 14500 on downside and 15200 on upside.