Bank Nifty Weekly Outlook and Analysis:

For the Week: (Jan 24,2022 – Jan 28,2022)

NIFTY BANK Index closed the week on negative note losing 796.10 points 2.07%.

Weekly High: 38,855.55

Weekly Low: 37,224.25

Weekly Close: 37,574.30

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  37000 levels, whereas minor resistance on the upside is capped around 38000-38050 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 36000 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 38700.

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 36200 on downside and 38500 on upside.