EquityPandit’s Outlook for Nifty for the week (March 16, 2020 – March 20, 2020):

NIFTY:

NIFTY 50 Index closed the week on negative note losing 1034.25 Points 9.41%.

Weekly High: 10,751.55

Weekly Low: 8,555.15

Weekly Close: 9,955.20

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 9250 levels, whereas minor resistance on the upside is capped around 10350-10400 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 8500 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 11050.

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 8700 on downside and 11000 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 11,950

RESISTANCE 1: 10,952

SUPPORT 1: 8,756

SUPPORT 2: 7,557