Nifty50 Index Weekly Outlook and Analysis:

For the Week: (June 14,2021 – June 18,2021)

NIFTY 50 Index closed the week on positive note gaining 129.10 points 0.82%.

Weekly High: 15,835.55

Weekly Low: 15,566.90

Weekly Close: 15,799.35

Weekly Support & Resistance For Nifty Index:

NIFTY 50 index opened tad higher and traded choppy in early part of the week. Index witnessed profit booking in mid week amid pressure from weak hands. Index recoup lost ground and made fresh high at fag end of the week. Though index is in uptrend, it could face profit booking after consecutive gain from last four weeks.

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 15550 levels, whereas minor resistance on the upside is capped around 15950-16000 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 15300 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 16200.

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 15400 on downside and 16100 on upside.