EquityPandit’s Outlook for Nifty Bank for the week (Dec 16, 2019 – Dec 20, 2019)

NIFTY BANK:

NIFTY BANK Index closed the week on positive note gaining 672.70 points 2.15%.

Weekly High: 32,105.05

Weekly Low: 30,996.40

Weekly Close: 32,014.25

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 31650 levels, whereas minor resistance on the upside is capped around 32350-32400 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 31300 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 32750.

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 31300 on downside and 32750 on upside.

RESISTANCE 2: 32,813

RESISTANCE 1: 32,414

SUPPORT 1: 31,305

SUPPORT 2: 30,596