EquityPandit’s Outlook for Nifty Bank for the week (May 26, 2020 – May 29, 2020)

NIFTY BANK:

NIFTY BANK Index closed the week on negative note losing 1555.05 points 8.26%.

Weekly High: 18,795.10

Weekly Low: 17,105

Weekly Close: 17,278.90

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 16200 levels, whereas minor resistance on the upside is capped around 18300-18400 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 15000 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 15400 on downside and 19600 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 19,416

RESISTANCE 1: 18,347

SUPPORT 1: 16,657

SUPPORT 2: 16,036