Nifty Outlook for the Week (Dec 07,2020 – Dec 11,2020)

For the Week: (Dec 07,2020 – Dec 11,2020)

NIFTY 50 Index closed the week on positive note gaining 289.60 points 2.89%.

Weekly High: 13,280.05

Weekly Low: 12,962.80

Weekly Close: 13,258.55

Weekly Support & Resistance For Nifty Index:

SUPPORT 1 13,054
SUPPORT 2 12,849

NIFTY 50 index opened gap up and extended gain in lackluster manner throughout the week. Index ended above its much awaited psychological mark of 13000 levels. However, momentum indicator showing divergence on daily charts. We expect index could witness bout of profit booking, investor are advised to remain cautious.

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 13100 levels, whereas minor resistance on the upside is capped around 13450-13500 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 12800 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 13700.

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 12900 on downside and 13600 on upside.