Bank Nifty Weekly Outlook and Analysis:

For the Week: (Aug 10,2020 – Aug 14,2020)

NIFTY BANK Index closed the week on positive note gaining 113.95 points 0.53%.

Weekly High: 21,936.50

Weekly Low: 21,031.45

Weekly Close: 21,754

Weekly Support & Resistance Levels for BankNiftyIndex:

NIFTY BANK index has again absorbed selling pressure at previous swing lows. NIFTY BANK has near term resistance at 100 day EMA which lies at 22300 levels, if index surpass this zone BANKNIFTY likely to continue northward journey.

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 21000 levels, whereas minor resistance on the upside is capped around 22350-22400 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 20200 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 23200.

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 20500 on downside and 23000 on upside.

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