Bank Nifty Weekly Outlook and Analysis:
For the Week: (May 3,2021 – May 7,2021)
NIFTY BANK Index closed the week on positive note gaining 1059.50 points 3.34%.
Weekly High: 34,287
Weekly Low: 32,144.80
Weekly Close: 32,781.80
Weekly Support & Resistance For Nifty Bank Index:
NIFTY BANK index opened gap up back of strong quarterly numbers from banking major. Index extended gain in early part of the week. However, index witnessed profit booking at later half of the week and gave up partial gain. We expect index continue its sideways corrective action going forward.
Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 32000 levels, whereas mi-nor resistance on the upside is capped around 33400-33500 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 31000 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 34500.
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 31300 on downside and 34200 on upside.