EquityPandit’s Outlook for Nifty Bank for the week (July 22, 2019 – July 26, 2019)
NIFTY BANK Index closed the week on negative note losing –831.10 points -2.72%
Weekly High: 30799.70
Weekly Low: 29705.75
Weekly Close: 29770.35
RESISTANCE 2: 31186
RESISTANCE 1: 30478
SUPPORT 1: 29384
SUPPORT 2: 28998
Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 29500 levels, whereas minor resistance on the upside is capped around 30000-3100 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 29100 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.
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 30600 on upside and 29100 on downside.