Nifty50 Index Weekly Outlook and Analysis:

For the Week: (March 29,2021 – April 02,2021)

NIFTY 50 Index closed the week on negative note losing 236.70 points 1.61%.

Weekly High: 14,878.60

Weekly Low: 14,264.40

Weekly Close: 14,507.30

Weekly Support & Resistance For Nifty Index:

NIFTY 50 index opened flat and witnessed short covering in early part of the week. Index resumed down trend in mid week, which extended till March derivative expiry day. However, index recovered some losses at fag end of the week. Index formed down trend on short term charts, momentum indicator also trending down.

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 14250 levels, whereas minor resistance on the upside is capped around 14800-14850 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 14000 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 15200.

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 14100 on downside and 15000 on upside.