Bank Nifty Weekly Outlook and Analysis:

For the Week: (Aug 31,2020 – Sept 04,2020)

NIFTY BANK Index closed the week on positive note gaining 2224.20 points 9.97%.

Weekly High: 24,611.80

Weekly Low: 22,410.05

Weekly Close: 24,523.80

Weekly Support & Resistance For Nifty Bank Index:

NIFTY BANK index has given a breakout of its rising channel back of strong buying. Index manage to close above its 200 EMA after so much under performance against broader market. We expect index will continue this uptrend going forward.

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 24000 levels, whereas minor resistance on the upside is capped around 25000-25200 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 23300 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 26500.

Currently NIFTY BANK index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 235000 on downside and 26000 on upside.