Bank Nifty Weekly Outlook and Analysis:
For the Week: (Oct 12,2020 – Oct 16,2020)
NIFTY BANK Index closed the week on positive note gaining 1600.80 points 7.20%.
Weekly High: 23,904.10
Weekly Low: 22,247.25
Weekly Close: 23,846.80
Weekly Support & Resistance For Nifty Bank Index:
NIFTY BANK index has witnessed rally back of strong performance in broader indices. Index manage to close above its 200 day ema after long time. We expect index could continue this uptrend. Momentum indicators in overbought zone bargain buying is advisable.
Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 23100 levels, whereas minor resistance on the upside is capped around 24400-24500 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 22500 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 25200.
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 22700 on downside and 25000 on upside.