EquityPandit’s Outlook for Nifty Bank for the week (Feb 10, 2020 – Feb 14, 2020)

NIFTY BANK:

NIFTY BANK Index closed the week on positive note gaining 1381.05 points 4.63%.

Weekly High: 31,470.65

Weekly Low: 29,612.55

Weekly Close: 31,201.95

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 30750 levels, whereas minor resistance on the upside is capped around 31700-31750 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 30100 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 32400.

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 30200 on downside and 32300 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 32,619

RESISTANCE 1: 31,910

SUPPORT 1: 30,052

SUPPORT 2: 28,903