Bank Nifty Weekly Outlook and Analysis:

For the Week: (August 09,2021 – August 13,2021)

NIFTY BANK Index closed the week on positive note gaining 1224.90 points 3.54%.

Weekly High: 36,219.80

Weekly Low: 34,588.25

Weekly Close: 35,809.25

Weekly Support & Resistance For Nifty Bank Index:

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at  35300 levels, whereas minor resistance on the upside is capped around 36450-36500 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 34800 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 37200.

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 35000 on downside and 37000 on upside.