EquityPandit’s Outlook for Nifty Bank for the week (Oct 14, 2019 – Oct 18, 2019)
NIFTY BANK Index closed the week on positive note gaining 310.65 points 1.12%
Weekly High: 28857.70
Weekly Low: 27568.35
Weekly Close: 28042.50
RESISTANCE 2: 29,445
RESISTANCE 1: 28,744
SUPPORT 1: 27,454
SUPPORT 2: 26,866
Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 27550 levels, whereas minor resistance on the upside is capped around 28650-28700 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 towards major support on lower side around 26600 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 29500.
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 26800 on downside and 29500 on upside.