Nifty50 Index Weekly Outlook and Analysis:

For the Week: (Oct 05,2020 – Oct 09,2020)

NIFTY 50 Index closed the week on positive note gaining 366.70 points 3.32%.

Weekly High: 11,428.60

Weekly Low: 11,099.85

Weekly Close: 11,416.95

Weekly Support & Resistance For Nifty Index:

NIFTY 50 witnessed sharp recovery back of positive global cues amid fresh stimulus hope in US. Index trading near its resistance zone of falling trend line. If index manage to surpass its strong resistance zone of 11550-11650 levels, than fresh bout of short covering expected.

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 11175 levels, whereas minor resistance on the upside is capped around 11600-11650 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 10900 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 11900.

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 11000 on downside and 11800 on upside.