EquityPandit’s Outlook for Nifty Bank for the week (April 01, 2019 – April 05, 2019):
NIFTY BANK Index closed the week on positive note gaining +844.30 Points (+2.85%).
Weekly High: 30499.15
Weekly Low: 29156.20
Weekly Close: 30426.80
Nifty bank has seen wild movement last week and before March Expiry we have seen huge buying attraction index, Technically on the daily charts we see minor support on the downside for index lies at 30000-29900 levels, whereas minor resistance on the upside is capped around 30600- 30650 levels.
If Nifty bank index breaches minor support on the downside and closes below it we may see fresh break down and index can drag index towards major support on lower side around 29150- 29200 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 31000-31100
Currently Nifty bank index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 31000-31100 on upside and 29150- 29200 on downside.