EquityPandit’s Outlook for Nifty Bank for the week (June 1, 2020 – June 5, 2020)

NIFTY BANK:

NIFTY BANK Index closed the week on positive note gaining 2018.35 points 11.68%.

Weekly High: 19,455.55

Weekly Low: 17,311.25

Weekly Close: 19,297.25

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 18300 levels, whereas minor resistance on the upside is capped around 20100-20200 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 21400.

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 17400 on downside and 21000 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 20,832

RESISTANCE 1: 20,064

SUPPORT 1: 17,920

SUPPORT 2: 16,543