EquityPandit’s Outlook for Nifty Bank for the week (May 11, 2020 – May 15, 2020)

NIFTY BANK:

NIFTY BANK Index closed the week on negative note losing 2181.60 points 10.13%.

Weekly High: 20,530.45

Weekly Low: 18,941

Weekly Close: 19,352.90

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 18000 levels, whereas minor resistance on the upside is capped around 20500-20600 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 21500.

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 17500 on downside and 21000 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 21,197

RESISTANCE 1: 20,275

SUPPORT 1: 18,685

SUPPORT 2: 18,018