Bank Nifty Weekly Outlook and Analysis:
For the Week: (Sept 07,2020 – Sept 11,2020)
NIFTY BANK Index closed the week on negative note losing 1512.30 points 6.16%.
Weekly High: 25,232.60
Weekly Low: 22,876.90
Weekly Close: 23,011.50
Weekly Support & Resistance For Nifty Bank Index:
NIFTY BANK index unable to sustain above its 200 EMA after amid geo political tension looms. Index also formed dark cloud cover candle pattern on weekly charts. We expect index could witness further profit booking, if no positive news of debt restructuring by K V Kamath committee.
Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 22200 levels, whereas minor resistance on the upside is capped around 23800-23900 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 21200 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 25000.
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 21500 on downside and 24500 on upside.