Bank Nifty Weekly Outlook and Analysis:

For the Week: (April 12,2021 – April 16,2021)

NIFTY BANK Index closed the week on negative note losing 1409.95 points 4.16%.

Weekly High: 33,697.75

Weekly Low: 32,141.55

Weekly Close: 32,448.05

Weekly Support & Resistance For Nifty Bank Index:

NIFTY BANK index opened gap down and dragged in opening session of the week. However, index remained range bound than after most of the week amid broader strength. Index witnessed selling pressure at fag end of the week and ended on negative note. We expect index likely to continue its southward journey going forward.

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at  31500 levels, whereas minor resistance on the upside is capped around 33300-33400 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 30600 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 34200.

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 30800 on downside and 33800 on upside.