Nifty50 Index Weekly Outlook and Analysis:

For the Week: (Sept 21,2020 – Sept 25,2020)

NIFTY 50 Index closed the week on positive note gaining 40.50 points 0.35%.

Weekly High: 11,618.10

Weekly Low: 11,383.55

Weekly Close: 11,504.95

Weekly Support & Resistance For Nifty Index:

NIFTY 50 is trading lackluster throughout the week in its rising channel. NIFTY index formed doji candle pattern of weekly charts, which suggest indecisive of trend. We expect index likely to continue its lackluster trading activity till its trade below 11700 levels.

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 11350 levels, whereas minor resistance on the upside is capped around 11650-11700 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 11100 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 11200 on downside and 11800 on upside.