Bank Nifty Weekly Outlook and Analysis:
For the Week: (Sept 06,2021 – Sept 11,2021)
NIFTY BANK Index closed the week on positive note gaining 1133.35 points 3.18%.
Weekly High: 37,140
Weekly Low: 35,721.90
Weekly Close: 36,761.15
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 36200 levels, whereas minor resistance on the upside is capped around 37200-37300 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 35300 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 38000.
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 35500 on downside and 37800 on upside.