EquityPandit’s Outlook for Nifty Bank for the week (Nov 11, 2019 – Nov 15, 2019)
NIFTY BANK Index closed the week on positive note gaining 418.85 points 1.38%.
Weekly High: 31,108.40
Weekly Low: 30,013.65
Weekly Close: 30,749.40
Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 30000 levels, whereas minor resistance on the upside is capped around 31200-31250 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 29500 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 31600.
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 30000 on downside and 31600 on upside.
WEEKLY PIVOT LEVELS FOR BANK NIFTY:
RESISTANCE 2: 31,718
RESISTANCE 1: 31,233
SUPPORT 1: 30,139
SUPPORT 2: 29,529