EquityPandit’s Outlook for Nifty Bank for the week (Aug 19, 2019 – Aug 23, 2019)
NIFTY BANK Index closed the week on negative note loosing -214.90 points -0.76%
Weekly High: 28358.85
Weekly Low: 27683.50
Weekly Close: 28217
RESISTANCE 2: 28762
RESISTANCE 1: 28489
SUPPORT 1: 27814
SUPPORT 2: 27411
Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 27700 levels, whereas minor resistance on the upside is capped around 28600-28620 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 27300 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 29100.
Currently NIFTY BANK index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 29100 on upside and 27300 on downside.