Check Bank Nifty Full Analysis At Unicorn Signals

Bank Nifty Weekly Outlook and Analysis:

For the Week: (May 16, 2022 – May 20, 2022)

Check Nifty Index Full Analysis At Unicorn Signals

NIFTY BANK Index closed the week on negative note losing 1469.85 points 4.25%.

Weekly High: 34,793.20

Weekly Low: 33,007.90

Weekly Close: 33121.35

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  32250 levels, whereas minor resistance on the upside is capped around 34000-34100 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 31500 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 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 31600 on downside and 34600 on upside.