EquityPandit’s Outlook for Nifty Bank for the week (April 22,2019 – April 26,2019):
NIFTY BANK Index closed the week on positive note gaining +419.90 Points +1.41%
Weekly High: 30669.8
Weekly Low: 29640.2
Weekly Close: 30223.40
Nifty bank is on verge of breakout, all set to head towards new all-time high levels once sustains above 30700 then huge short covering may be seen in nifty bank.
Technically 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 30200-30300 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 31100- 31200
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 31100- 31200 on upside and 30200- 30300 on downside.