EquityPandit’s Outlook for Nifty Bank for the week (Aug 05, 2019 – Aug 09, 2019)

NIFTY BANK:

NIFTY BANK Index closed the week on negative note loosing –1120.35 points -3.82%

Weekly High: 29592.95

Weekly Low: 27936.35

Weekly Close: 28204.95

 
RESISTANCE 2: 30235

RESISTANCE 1: 29220

SUPPORT 1: 27563

SUPPORT 2: 26921

 
Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 28000 levels, whereas minor resistance on the upside is capped around 28500-28600 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 index towards major support on lower side around 27700 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 29000.

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 29000 on upside and 27700 on downside.