Bank Nifty Weekly Outlook and Analysis:

For the Week: (Aug 03,2020 – Aug 07,2020)

NIFTY BANK closed the week on negative note losing 1022.00 points 4.51%.

Weekly High: 22,668.05

Weekly Low: 21,375

Weekly Close: 21,640.05

Nifty bank weekly Support and Resistance Levels:

NIFTY BANK index is again retreated from its upper rising channel. Index is close below its 100 days moving average, which suggest further pressure on indices.

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 20900 levels, whereas minor resistance on the upside is capped around 22250-22350 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 19700 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 20300 on downside and 23000 on upside.

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