Bank Nifty Weekly Outlook and Analysis:
For the Week: (June 05, 2021 – June 11, 2021)
NIFTY BANK Index closed the week on positive note gaining 150.20 points 0.43%.
Weekly High: 35,810.90
Weekly Low: 34,930.10
Weekly Close: 35,291.65
Weekly Support & Resistance For Nifty Bank Index:
NIFTY BANK index opened flat and rallied in early part of the week. Index traded range bound than after despite gain in broader market. Index witnessed profit booking at fag end of the week, after RBI kept key rates unchanged in its bi-monthly monetary policy review. We expect index likely to face profit booking and further corrective action going forward.
Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 34500 levels, whereas minor resistance on the upside is capped around 35900-36000 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 33800 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 36700.
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 34000 on downside and 36500 on upside.