EquityPandit’s Outlook for Nifty Bank for the week (July 1, 2019 – July 5, 2019)
NIFTY BANK Index closed the week on positive note losing +476.85 points +1.55%
Weekly High: 31490.60
Weekly Low: 30451.40
Weekly Close: 31105.20
RESISTANCE 2: 32054
RESISTANCE 1: 31579
SUPPORT 1: 30540
SUPPORT 2: 29976
Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 30600 levels, whereas minor resistance on the upside is capped around 31500-31800 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 30150 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
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 32200 on upside and 30150 on downside.