EquityPandit’s Outlook for Nifty Bank for the week (April 13, 2020 – April 17, 2020)

NIFTY BANK:

NIFTY BANK Index closed the week on positive note gaining 2664.30 points 15.44%.

Weekly High: 20,324.10

Weekly Low: 17,953.75

Weekly Close: 19,913.60

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 18000 levels, whereas minor resistance on the upside is capped around 21300-21400 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 16500 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 23000.

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 17000 on downside and 22500 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 21,767

RESISTANCE 1: 20,840

SUPPORT 1: 18,470

SUPPORT 2: 17,026