Bank Nifty Weekly Outlook and Analysis:
For the Week: (Nov 14, 2022 – Nov 18, 2022)
NIFTY BANK Index closed the week on positive note gaining 878.60 points 2.13%.
Weekly High: 42,345.50
Weekly Low: 41,318.60
Weekly Close: 42,137.05
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 41600 levels, whereas minor resistance on the upside is capped around 42550-42600 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 41200 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 43100.
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 41300 on downside and 42900 on upside.