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Nifty50 Index Weekly Outlook and Analysis:

For the Week: (Jan 30, 2023 – Feb 03, 2023)

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NIFTY 50 Index closed the week on negative note losing 423.30 points 2.35%.

Weekly High: 18,201.25

Weekly Low: 17,493.55

Weekly Close: 17,604.35

Weekly Support & Resistance For Nifty Index:

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 17,350 levels, whereas minor resistance on the upside is capped around 17,850-17,900 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 17,100 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 18100.

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 17,150 on downside and 18,000 on upside.