Bank Nifty Weekly Outlook and Analysis:

For the Week: (May 24,2021 – May 28,2021)

NIFTY BANK Index closed the week on positive note gaining 2437.35 points 7.58%.

Weekly High: 34,694.45

Weekly Low: 32,318.70

Weekly Close: 34,606.90

Weekly Support & Resistance For Nifty Bank Index:

NIFTY BANK index opened tad higher and rallied in early part of the week. Index dragged in mid week tracking global weakness. However, index witnessed strong buying at fag end of the week and ended on strong note. We expect index likely to continue this uptrend going forward.

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 35400-35500 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 32300 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 36700.

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 33000 on downside and 36500 on upside.