EquityPandit’s Outlook for Nifty Bank for the week (May 13, 2019 – May 17,2019)
NIFTY BANK Index closed the week on negative note gaining -913.65 Points -3.05%
Weekly High: 30121.80
Weekly Low: 28784.65
Weekly Close: 29040.50
Nifty bank has seen sharp sell of last week and heading towards 100 days exponential moving averages, as this month would be a volatile month due to election results one should also keep an eye on 200 days exponential moving average, where on the down side nifty bank may see strong support. If Nifty bank closes above 29400 uptrend may resume and we may see some buying attraction in banking sector.
Technically on the daily charts we see minor support on the downside for Nifty Bank Index lies at 28400- 28300 levels, whereas minor resistance on the upside is capped around 29165– 29185 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 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 30030– 30080
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 30030– 30080 on upside and 27700– 27600 on downside.