EquityPandit’s Outlook for Nifty Bank for the week (March 23, 2020 – March 27, 2020)

NIFTY BANK:

NIFTY BANK Index closed the week on negative note losing 4848.85 points 19.27%.

Weekly High: 24,074.15

Weekly Low: 18,675.65

Weekly Close: 20,317.60

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 18700 levels, whereas minor resistance on the upside is capped around 21400-21500 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 17000 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 23300.

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 17300 on downside and 23300 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 26,420

RESISTANCE 1: 23,369

SUPPORT 1: 17,970

SUPPORT 2: 15,623