Nifty Outlook for the Week (Dec 28,2020 – Jan 01,2021)

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

NIFTY 50 Index closed the week on negative note losing 11.30 points 0.08%.

Weekly High: 13,777.50

Weekly Low: 13,131.45

Weekly Close: 13,749.25

Weekly Support & Resistance For Nifty Index:

SUPPORT 1 13,327
SUPPORT 2 12906

NIFTY 50 index opened flat and succumbed in opening session of the week. However, index recouped almost all the losses in later half of the week. Bulls show their dominance in the market, index recouped losses of over four percent. We expect index likely to continue this uptrend in f&o expiry week.

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 13500 levels, whereas minor resistance on the upside is capped around 13950-14000 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 13200 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 14300.

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 13300 on downside and 14200 on upside.