Bank Nifty Weekly Outlook and Analysis:
For the Week: (Nov 09,2020 – Nov 13,2020)
NIFTY BANK Index closed the week on negative note losing 577.40 points 2.36%.
Weekly High: 24,809.65
Weekly Low: 23,612.70
Weekly Close: 23,900.90
Weekly Support & Resistance For Nifty Bank Index:
NIFTY BANK index opened on weak note in accordance with broader market. However, strong performance seen in mid week back of better than expected Kotak bank results. Index again succumbed at fag end of week amid weak global cues. We expect indices continue remain under pressure and US Presidential result outcome could be trend decider.
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 24600-24700 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 25300.
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 22800 on downside and 25000 on upside.