EquityPandit’s Outlook for Nifty Bank for the week (June 15, 2020 – June 19, 2020)

NIFTY BANK:

NIFTY BANK Index closed the week on negative note losing 379.95 points 1.81%.

Weekly High: 21,807.40

Weekly Low: 19,526.10

Weekly Close: 20,654.55

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 19800 levels, whereas minor resistance on the upside is capped around 21350-21400 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 18500 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 22800.

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 18700 on downside and 22500 on upside.

WEEKLY PIVOT LEVELS:
RESISTANCE 2: 22,943

RESISTANCE 1: 21,799

SUPPORT 1: 19,517

SUPPORT 2: 18,381