Nifty50 Index Weekly Outlook and Analysis:

For the Week: (March 07, 2022 – March 11, 2022)

NIFTY 50 Index closed the week on negative note losing 413.05 points 2.48%.

Weekly High: 16,815.9

Weekly Low: 16,133.80

Weekly Close: 16,245.35

Weekly Support & Resistance For Nifty Index:

RESISTANCE 2	17,080
RESISTANCE 1	16,662
SUPPORT 1	15,980
SUPPORT 2	15,716

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 15950 levels, whereas minor resistance on the upside is capped around 16550-16600 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 15550 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 17000.

Currently nifty 50 index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 15700 on downside and 16800 on upside.

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