Nifty Spot Weekly Outlook 30th May to 03th June

Falcon Analytics Outlook Nifty 50 for the Expiry week ( May 30 – June 03 )

As Discussed in Last Weekly Analysis Nifty witness selling pressure @ major resistance @ 16387 on Monday, while the major support for the week @ 15560 was not breached.

Technically for this week on the daily charts we see major support on the downside for Nifty50 index lies at 15907 levels,
whereas major resistance on the upside is capped around 16418 levels.

If Nifty50 index breaches major 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 15712/15516 and and if breaches major resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 16538/16734.

Currently Nifty50 index is trading Below Red Line 200 day EMA @ 16754 suggests long term trend is Bearish.



Range for the week is seen from 15907 on downside and 16734 on upside.

Below Mentioned Spot Levels can be used to trade Long Or Short during the week ahead.

( All Spot Levels)

RESISTANCE 4: 16929

RESISTANCE 3: 16734

RESISTANCE 2: 16538

RESISTANCE 1: 16418

WEEKLY PIVOT LEVELS: 16223

SUPPORT 1: 16027

SUPPORT 2: 15907

SUPPORT 3: 15712

SUPPORT 4: 15516


All above views for education purpose only.

Regards,
MD.[