Bank Nifty Weekly Outlook and Analysis:

For the Week: (Feb 01,2021 – Feb 05,2021)

NIFTY BANK Index closed the week on negative note losing 601.75 points 1.93%.

Weekly High: 31,697.55

Weekly Low: 29,687.70

Weekly Close: 30,565.50

Weekly Support & Resistance For Nifty Bank Index:

NIFTY BANK index opened higher and dragged in early part of the week. Index recouped losses at fag end of the week back of short covering amid good results of some banking and financial major. Though index is in downtrend, we could see some short covering bounce if any positive announcement come from budget for the banking sector.

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 29900 levels, whereas minor resistance on the upside is capped around 31100-31200 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 29000 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 31600.

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 29100 on downside and 31500 on upside.