Nifty50 Index Weekly Outlook and Analysis:

For the Week: Sept 28,2020 – Oct 01,2020)

NIFTY 50 Index closed the week on negative note losing 454.70 points 3.95%.

Weekly High: 11,535.25

Weekly Low: 10,790.20

Weekly Close: 11,050.25

Weekly Support & Resistance For Nifty Index:

NIFTY 50 witnessed sharp sell off back of week global cues. However index took rebound at fag end of the week from its support of 200 day ema. We expect index likely to witness some short covering till it hold 200 day ema. Fall below said levels, further encourage another bout of selling pressure going forward.

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 10750 levels, whereas minor resistance on the upside is capped around 11200-11250 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 10400 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 11600.

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 10500 on downside and 11500 on upside.