EquityPandit’s Outlook for Nifty Bank for the week (Sept 9, 2019 – Sept 13, 2019)
NIFTY BANK Index closed the week on negative note loosing -224.95 points -0.82%
Weekly High: 27311.05
Weekly Low: 26641.35
Weekly Close: 27247.90
RESISTANCE 2: 27736
RESISTANCE 1: 27492
SUPPORT 1: 26822
SUPPORT 2: 26397
Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 26600 levels, whereas minor resistance on the upside is capped around 27700-27800 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 25900 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 28500.
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 28500 on upside and 25900 on downside.