Bank Nifty Weekly Outlook and Analysis:

For the Week: (May 10,2021 – May 14,2021)

NIFTY BANK Index closed the week on a positive note gaining 122.70 points 0.37%.

Weekly High: 33,259.15

Weekly Low: 31,906.55

Weekly Close: 32,904.50

Weekly Support & Resistance For Nifty Bank Index:

NIFTY BANK index opened gap down tracking weak global cues. The index remained volatile in the early part of the week and bulls manage to hold the ground. Index recoup losses in the second half of the week. We expect the index likely to continue its sideways cor-rective action and range trading activity going forward.

Technically on the daily charts, we see minor support on the downside for the NIFTY BANK index lies at 31900 levels, whereas mi-nor resistance on the upside is capped around 33800-33900 levels.

If the NIFTY BANK index breaches minor support on the downside and closes below it, we may see a fresh break down and the index can drag towards major support on the lower side around 31000 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 34700.

Currently, the NIFTY BANK index is trading above 200 days exponential moving average and suggests a long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 31300 on the downside and 34500 on the upside.