EquityPandit’s Outlook for Nifty Bank for the week (Mar 11, 2019 – Mar 15, 2019) :
NIFTY BANK Index closed the week on positive note gaining 971.90 Points (+3.63%).
Weekly High: 27815.50
Weekly Low: 26928.90
Weekly Close: 27761.80
Technically on the daily charts we see minor support on the downside for index lies at 26500- 26400 levels, where as minor resistance on the upside is capped around 27900-28000 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 26000- 25900 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 28400- 28500
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 28400-28500 on upside and 26000-25900 on downside.