Bank Nifty Weekly Outlook and Analysis:

For the Week: (Aug 24,2020 – Aug 28,2020)

NIFTY BANK Index closed the week on positive note gaining 620.20 points 2.86%.

Weekly High: 22,419.35

Weekly Low: 21,403.15

Weekly Close: 22,299.60

Weekly Support & Resistance For Nifty Bank Index:

NIFTY BANK index has witnessed choppy trading activity along with key indices. However, it formed higher low formation on daily chart. We expect BANKNIFTY likely to form higher high formation back of strength in momentum indicator.

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 21800 levels, whereas minor resistance on the upside is capped around 22700-22800 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 209000 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 21200 on downside and 23300 on upside.