EquityPandit’s Outlook for Nifty Bank for the week (July 27,2020 – July 31, 2020)

NIFTY BANK:

NIFTY BANK Index closed the week on positive note gaining 695.25 points 3.17%.

Weekly High: 23,211.35

Weekly Low: 22,187.80

Weekly Close: 22,662.05

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 22000 levels, whereas minor resistance on the upside is capped around 23200-23250 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 21000 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 24500.

Currently NIFTY BANK index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 21200 on downside and 24300 on upside.

WEEKLY PIVOT LEVELS:

 
RESISTANCE 2: 23,710

RESISTANCE 1: 23,186

SUPPORT 1: 22,162

SUPPORT 2: 21,663