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Nifty Bank Index Weekly Outlook and Analysis:

For the Week: (July 17, 2023 – July 21, 2023)

Nifty Bank Outlook for the Week (July 17, 2023 – July 21, 2023)

NIFTY BANK Index closed the week on negative note losing 105.70 points 0.24%.

Weekly High: 45,184.30

Weekly Low: 44,547.80

Weekly Close: 44,819.30

Weekly Support & Resistance For Nifty Bank:

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at  44,450 levels, whereas minor resistance on the upside is capped around 45,150-45,200 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 43,900 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 45,600.

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 44,000 on downside and 45,500 on upside.