EquityPandit’s Outlook for Nifty for the week (Jan 20, 2020 – Jan 24, 2020):

NIFTY:

NIFTY 50 Index closed the week on positive note gaining 95.55 Points 0.78%.

Weekly High: 12,389.05

Weekly Low: 12,278.75

Weekly Close: 12,352.35

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 12275 levels, whereas minor resistance on the upside is capped around 12400-12425 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 12100 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 12500.

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 12150 on downside and 12475 on upside.

RESISTANCE 2: 12,450

RESISTANCE 1: 12,401

SUPPORT 1: 12,291

SUPPORT 2: 12,229