EquityPandit’s Outlook for Nifty for the week (Jan 06, 2020 – Jan 10, 2020):

NIFTY:

NIFTY 50 Index closed the week on negative note losing 19.15 Points 0.16%.

Weekly High: 12,289.90

Weekly Low: 12,151.80

Weekly Close: 12,226.65

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 12100 levels, whereas minor resistance on the upside is capped around 12325-12350 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 12000 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 12450.

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 12000 on downside and 12450 on upside.

RESISTANCE 2: 12,360

RESISTANCE 1: 12,293

SUPPORT 1: 12,155

SUPPORT 2: 12,084