Bank Nifty Weekly Outlook and Analysis:

For the Week: (Dec 14,2020 – Dec 18,2020)

NIFTY BANK Index closed the week on positive note gaining 552.45 points 1.84%.

Weekly High: 30,811.80

Weekly Low: 29,950.60

Weekly Close: 30,604.85

Weekly Support & Resistance For Nifty Bank Index:

NIFTY BANK index opened tad higher and extended gain in first half of the week. Index witness profit booking in second half, though manage to end week on positive note. We expect index could witness profit booking tracking broader market going forward.

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 30200 levels, whereas minor resistance on the upside is capped around 30900-31000 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 29500 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 31400.

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 29800 on downside and 31200 on upside.