Bank Nifty Weekly Outlook and Analysis:
For the Week: (April 05,2021 – April 09,2021)
NIFTY BANK Index closed the week on positive note gaining 539.80 points 1.62%.
Weekly High: 33,990.80
Weekly Low: 33,151.80
Weekly Close: 33,858
Weekly Support & Resistance For Nifty Bank Index:
NIFTY BANK index opened tad higher and extended gain in opening session of the week. However, index gave up all the gain back of selling pressure in index heavyweights. Index recouped losses and ended on positive note at fag end of the week. We expect index likely to continue its short covering rally, momentum indicator also trending up from oversold zone.
Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 33100 levels, whereas minor resistance on the upside is capped around 34300-34400 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 32300 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 35000.
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 32500 on downside and 34900 on upside.