EquityPandit’s Outlook for Nifty Bank for the week (March 02, 2020 – March 06, 2020)

NIFTY BANK:

NIFTY BANK Index closed the week on negative note losing 1795.70 points 5.80%.

Weekly High: 30,702.15

Weekly Low: 29,051.50

Weekly Close: 29,147.15

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 28500 levels, whereas minor resistance on the upside is capped around 29800-29850 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 27600 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 30300.

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 27900 on downside and 30200 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 31,284

RESISTANCE 1: 30,215

SUPPORT 1: 28,565

SUPPORT 2: 27,982