EquityPandit’s Outlook for Nifty Bank for the week (Jan 13, 2020 – Jan 17, 2020)

NIFTY BANK:

NIFTY BANK Index closed the week on positive note gaining 28.15 points 0.09%.

Weekly High: 32,347.20

Weekly Low: 30,899.55

Weekly Close: 32,097.40

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 31500 levels, whereas minor resistance on the upside is capped around 32500-32550 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 31200 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 32900.

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 31200 on downside and 32700 on upside.

Weekly Pivot Levels:

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RESISTANCE 2: 33,229

RESISTANCE 1: 32,663

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SUPPORT 1: 31,215

SUPPORT 2: 30,333

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