EquityPandit’s Outlook for Nifty for the week (Sept 2, 2019 – Sept 6, 2019):

NIFTY:

NIFTY 50 Index closed the week on positive note gaining 193.90 Points 1.79%

Weekly High: 11141.75

Weekly Low: 10756.55

Weekly Close: 11023.25

 
RESISTANCE 2: 11359

RESISTANCE 1: 11191

SUPPORT 1: 10806

SUPPORT 2: 10589

 
Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 10800 levels, whereas minor resistance on the upside is capped around 11050-11100 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 index towards major support on lower side around 10600 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 11300

Currently nifty 50 index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 11300 on upside and 10600 on downside.