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Nifty Bank Index Weekly Outlook and Analysis:

For the Week: (July 31, 2023 – Aug 04, 2023)

Nifty Bank Outlook for the Week (July 31, 2023 – Aug 04, 2023)

NIFTY BANK Index closed the week on negative note losing 607.10 points 1.32%.

Weekly High: 46,310.10

Weekly Low: 45,238.80

Weekly Close: 45,468.10

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 44,800 levels, whereas minor resistance on the upside is capped around 46,000-46,100 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 44,200 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 46,500.

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 44,400 on downside and 46,300 on upside.