EquityPandit’s Outlook for Nifty Bank for the week (Sept 23, 2019 – Sept 27, 2019)

NIFTY BANK:

NIFTY BANK Index closed the week on positive note gaining +883 points 3.14%

Weekly High: 29418.95

Weekly Low: 26643

Weekly Close: 28981.55

 
RESISTANCE 2: 31123.78

RESISTANCE 1: 30052.67

SUPPORT 1: 27276.72

SUPPORT 2: 25571.88

 
Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 28425 levels, whereas minor resistance on the upside is capped around 30050-30100 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 27600 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 30600.

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 28000 on downside and 30500 on upside.