Nifty50 Index Weekly Outlook and Analysis:

For the Week: (August 16,2021 – August 20,2021)

NIFTY 50 Index closed the week on positive note gaining 290.90 points 1.79%.

Weekly High: 16,543.60

Weekly Low: 16,162.55

Weekly Close: 16,529.10

Weekly Support & Resistance For Nifty Index:

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 16300 levels, whereas minor resistance on the upside is capped around 16750-16800 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 16000 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 17000.

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 16150 on downside and 16800 on upside.