Bank Nifty Weekly Outlook and Analysis:

For the Week: (March 14, 2022 – March 18, 2022)

NIFTY BANK Index closed the week on positive note gaining 138.45 points 0.40%.

Weekly High: 35,374.15

Weekly Low: 32,155.35

Weekly Close: 34,546.25

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  33500 levels, whereas minor resistance on the upside is capped around 35500-35600 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 32600 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 32900 on downside and 36200 on upside.