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Nifty50 Index Weekly Outlook and Analysis:

For the Week: (May 16, 2022 – May 20, 2022)

Check Nifty Index Full Analysis At Unicorn Signals

NIFTY 50 Index closed the week on negative note losing 629.10 points 3.83%.

Weekly High: 16,404.55

Weekly Low: 15,735.75

Weekly Close: 15,782.15

Weekly Support & Resistance For Nifty Index:

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 15450 levels, whereas minor resistance on the upside is capped around 16050-16100 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 15200 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 16500.

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 15300 on downside and 16400 on upside.