EquityPandit’s Outlook for Nifty Bank for the week (April 27, 2020 – April 30, 2020)

NIFTY BANK:

NIFTY BANK Index closed the week on negative note losing 1094.80 points 5.29%.

Weekly High: 21,122.10

Weekly Low: 19,051.95

Weekly Close: 19,586.65

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 18600 levels, whereas minor resistance on the upside is capped around 20700-20800 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 17500 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 22000.

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 17700 on downside and 21800 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 21,990

RESISTANCE 1: 20,788

SUPPORT 1: 18,718

SUPPORT 2: 17,850