Bank Nifty Weekly Outlook and Analysis:

For the Week: (Feb 15,2021 – Feb 19,2021)

NIFTY BANK Index closed the week on positive note gaining 5089 points 16.65%.

Weekly High: 36,615.20

Weekly Low: 30,906.45

Weekly Close: 35,654.50

Weekly Support & Resistance For Nifty Bank Index:

NIFTY BANK index opened higher and rallied in opening session of week. Index hits fresh fifty two weeks high after better than expected budget out come. Index has witnessed massive weekly gain after relentless buying. However, index has face profit booking at fag end of the week. We expect index could witness profit booking or consolidation after strong rally.

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 34700 levels, whereas minor resistance on the upside is capped around 36400-36500 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 33300 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 38000.

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 33500 on downside and 37500 on upside.