Bank Nifty Weekly Outlook and Analysis:

For the Week: (March 07, 2022 – March 11, 2022)

NIFTY BANK Index closed the week on negative note losing 2022.95 points 5.55%.

Weekly High: 36,270.25

Weekly Low: 34,094.10

Weekly Close: 34,407.80

Weekly Support & Resistance For Nifty Bank Index:

RESISTANCE 2	37,100
RESISTANCE 1	35,754
SUPPORT 1	33,577
SUPPORT 2	32,747

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at  33500 levels, whereas minor resistance on the upside is capped around 35450-35500 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 32300 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 36500.

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 32500 on downside and 36200 on upside.

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