EquityPandit’s Outlook for Nifty Bank for the week (April 6, 2020 – April 10, 2020)

NIFTY BANK:

NIFTY BANK Index closed the week on negative note losing 2719.70 points 13.62%.

Weekly High: 19,716.25

Weekly Low: 17,143.20

Weekly Close: 17,249.30

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 16000 levels, whereas minor resistance on the upside is capped around 18900-19000 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 14500 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 20000.

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 15000 on downside and 19500 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 20,609

RESISTANCE 1: 18,929

SUPPORT 1: 16,356

SUPPORT 2: 15,463