EquityPandit’s Outlook for Nifty Bank for the week (May 27, 2019 – May 31,2019)
NIFTY BANK Index closed the week on positive note gaining +1762.40 Points +5.98%
Weekly High: 31705.0
Weekly Low: 28856.0
Weekly Close: 31212.55
Nifty bank has seen huge buying attraction, All the nifty bank constitutes contributed it the fresh rally. We may see resistance in bank nifty and it may either consolidate or also some profit booking and selling pressure can be seen for the week.
Technically on the daily charts we see minor support on the downside for Nifty Bank Index lies at 30200– 30300 levels, whereas minor resistance on the upside is capped around 31700– 31800 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 28900– 28800 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 32200– 32300
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 32200– 32300 on upside and 28900– 28800 on downside.