Bank Nifty Weekly Outlook and Analysis:
For the Week: (Apr 24, 2023 – Apr 28, 2023)
NIFTY BANK Index closed the week on negative note losing 14.55 points 0.03%.
Weekly High: 42,603.55
Weekly Low: 41,799
Weekly Close: 42,118
Weekly Support & Resistance For Nifty Bank Index:
Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 41,700 levels, whereas minor resistance on the upside is capped around 42,450-42,500 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 41,200 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 43,000.
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 41,300 on downside and 42,800 on upside.