EquityPandit’s Outlook for Nifty Bank for the week (June 10, 2019 – June 14, 2019)

NIFTY BANK:

NIFTY BANK Index closed the week on negative note losing –470.55 Points –1.49%

Technically on the daily charts we see minor support on the downside for Nifty Bank Index lies at 30600– 30500 levels, whereas minor resistance on the upside is capped around 31700– 31800 levels.

If Nifty Bank breaches minor support on the downside and closes below it we may see fresh break down and index can drag index towards major support on lower side around 31000– 30800 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 32000– 32100

Currently Nifty Bank 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 32000– 32100 on upside and 31000– 30800 on downside.