EquityPandit’s Outlook for Nifty Bank for the week (March 09, 2020 – March 13, 2020)

NIFTY BANK:

NIFTY BANK Index closed the week on negative note losing 1345.70 points 4.62%.

Weekly High: 29,791.15

Weekly Low: 27,162.30

Weekly Close: 27,801.45

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 26800 levels, whereas minor resistance on the upside is capped around 28600-28650 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 26100 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 29300.

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 26200 on downside and 29000 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 30,880

RESISTANCE 1: 29,340

SUPPORT 1: 26,712

SUPPORT 2: 25,622