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Bank Nifty Weekly Outlook and Analysis:

For the Week: (Mar 20, 2023 – March 24, 2023)

NIFTY BANK Index closed the week on negative note losing 887.35 points 2.19%.

Weekly High: 40,690.05

Weekly Low: 38,613.15

Weekly Close: 39,598.10

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  38,900 levels, whereas minor resistance on the upside is capped around 40,000-40,100 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 38,500 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 41,500.

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 38,600 on downside and 41,400 on upside.