Nifty Outlook for the Week (Nov 09,2020 – Nov 13,2020)

For the Week: (Nov 09,2020 – Nov 13,2020)

NIFTY 50 Index closed the week on negative note losing 287.95 points 2.50%.

Weekly High: 11,942.85

Weekly Low: 11,535.45

Weekly Close: 11,642.40

Weekly Support & Resistance For Nifty Index:

SUPPORT 1 11,470
SUPPORT 2 11,299

NIFTY 50 index opened flat and dragged in early part of the week. Bulls made a failed attempt to lift indices again in second half. However, index succumbed in later half of the week back of weak global cues. We expect indices continue remain under pressure ahead of US presidential election result.

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 11400 levels, whereas minor resistance on the upside is capped around 11800-11850 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 12200.

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 12100 on upside.