EquityPandit’s Outlook for Nifty Bank for the week (May 06, 2019 – May 10,2019)
Weekly High: 30121.75
Weekly Low: 29511.90
Weekly Close: 29954.15
Nifty bank holds the trend line support levels of 29400 and heading towards higher levels. If closes above 30100 we may see sharp rally towards 30600 and 31000. Ahead of election volatility will rule the market and once need to trade with proper hedge.
Technically on the daily charts we see minor support on the downside for Nifty Bank Index lies at 29400- 29300 levels, whereas minor resistance on the upside is capped around 30100- 30200 levels.
If Nifty Bank 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 28700- 28600 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 30600- 30700
Currently Nifty Bank 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 30600- 30700 on upside and 28700– 28600 on downside.