EquityPandit’s Outlook for Nifty for the week (July 27,2020 – July 31, 2020):

NIFTY:

NIFTY 50 Index closed the week on positive note gaining 292.45 points 2.68%.

Weekly High: 11,239.80

Weekly Low: 10,953

Weekly Close: 11,194.15

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 10950 levels, whereas minor resistance on the upside is capped around 11350-11400 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 10650 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 11650.

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 10700 on downside and 11600 on upside.

WEEKLY PIVOT LEVELS:
RESISTANCE 2: 11,415

RESISTANCE 1: 11,304

SUPPORT 1: 11,018

SUPPORT 2: 10,842