Bank Nifty Weekly Outlook and Analysis:
For the Week: (April 03, 2023 – April 07, 2023)
NIFTY BANK Index closed the week on positive note gaining 1213.30 points 3.08%.
Weekly High: 40,690.40
Weekly Low: 39,273.75
Weekly Close: 40,608.65
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 40,000 levels, whereas minor resistance on the upside is capped around 41,100-41,200 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 39,500 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 41,600.
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 39,700 on downside and 41,400 on upside.