EquityPandit’s Outlook for Nifty Bank for the week (Sept 17, 2019 – Sept 21, 2019)

NIFTY BANK:

NIFTY BANK Index closed the week on positive note gaining +850.85 points +3.12%

Weekly High: 28126.85

Weekly Low: 26993.90

Weekly Close: 28098.75

 
RESISTANCE 2: 28873

RESISTANCE 1: 28486

SUPPORT 1: 27353

SUPPORT 2: 26607

 
Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 27500 levels, whereas minor resistance on the upside is capped around 28700-28500 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 index towards major support on lower side around 26600 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 29500.

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 29500 on upside and 26600 on downside.