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Nifty Index Weekly Outlook and Analysis:

For the Week: (July 31, 2023 – Aug 04, 2023)

Nifty Outlook for the Week (July 31, 2023 – Aug 04, 2023)

50 Index closed the week on negative note losing 98.95 points 0.50%.

Weekly High: 19,867.55

Weekly Low: 19,563.10

Weekly Close: 19,646.05

Weekly Support & Resistance For Nifty Index:

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 19,450 levels, whereas minor resistance on the upside is capped around 19,800-19,850 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 19,250 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 20,000.

Currently nifty 50 index is trading above 200 days exponential moving average and suggests long term trend is bullish. Equity-Pandit’s analyst predicts range for the week is seen from 19,350 on downside and 19,900 on upside.