EquityPandit’s Outlook for Nifty Bank for the week (Mar 18, 2019 – Mar 22, 2019) :
NIFTY BANK Index closed the week on positive note gaining +1619.65 Points (+5.83%).
Weekly High: 29520.70
Weekly Low: 27560.00
Weekly Close: 29381.45
Last week we have seen massive rally of 1620 points in nifty bank index, index broke all-time highs and is trading in super bullish mode, risk reward ratio for buying is not in favor and correction after a huge rally is pending.
Technically on the daily charts we see minor support on the downside for index lies at 28300- 28400 levels, whereas minor resistance on the upside is capped around 29600-29700 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 27700- 27600 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 30200-30300
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 30200-30300 on upside and 27700- 27600 on downside.