Nifty50 Index Weekly Outlook and Analysis:

For the Week: (May 31,2021 – June 04,2021)

NIFTY 50 Index closed the week on positive note gaining 260.35 points 1.72%.

Weekly High: 15,469.65

Weekly Low: 15,145.45

Weekly Close: 15,435.65

Weekly Support & Resistance For Nifty Index:

NIFTY 50 index opened tad higher and traded lackluster in early part of the week. Index extended gain throughout the week and hit all time highs on Friday led by Reliance. Index closed at all time high and gave breakout after three month, though rally lack the momentum which could result in corrective action going forward.

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 15600-15650 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 14900 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 15900.

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 15000 on downside and 15800 on upside.

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