Bank Nifty Weekly Outlook and Analysis:

For the Week: (Aug 17,2020 – Aug 21,2020)

NIFTY BANK Index closed the week on negative note losing 74.60 points 0.34%.

Weekly High: 22,439.95

Weekly Low: 21,459.10

Weekly Close: 21,679.40

Weekly Support & Resistance For Nifty Bank Index:

NIFTY BANK index has witnessed resistant of 100 EMA and reversed the previous muted rally. We expect BANKNIFTY likely to continue this down move. Important levels to watch out for bulls at 20900-21000 levels.

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 21000 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 19600 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 23200.

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 20000 on downside and 23000 on upside.