EquityPandit’s Outlook for Nifty Bank for the week (Feb 24, 2020 – Feb 28, 2020)

NIFTY BANK:

NIFTY BANK Index closed the week on negative note losing 287.40 points 0.92%.

Weekly High: 31,085.30

Weekly Low: 30,252.45

Weekly Close: 30,942.85

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 30500 levels, whereas minor resistance on the upside is capped around 31400-31450 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 29900 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 31900.

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 30100 on downside and 31800 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 31,593

RESISTANCE 1: 31,267

SUPPORT 1: 30,435

SUPPORT 2: 29,927