EquityPandit’s Outlook for Nifty Bank for the week (May 4, 2020 – May 8, 2020)

NIFTY BANK:

NIFTY BANK Index closed the week on positive note gaining 1947.85 points 9.94%.

Weekly High: 21,967

Weekly Low: 19,847.65

Weekly Close: 21,534.5

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 20500 levels, whereas minor resistance on the upside is capped around 22500-22600 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 19500 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 23500.

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 19700 on downside and 23300 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 23,235

RESISTANCE 1: 22,385

SUPPORT 1: 20,265

SUPPORT 2: 18,997