Bank Nifty Weekly Outlook and Analysis:
For the Week: (Dec 21,2020 – Dec 25,2020)
NIFTY BANK Index closed the week on negative note losing 312.45 points 1.02%.
Weekly High: 30,607.50
Weekly Low: 28,976.75
Weekly Close: 30,402.20
Weekly Support & Resistance For Nifty Bank Index:
| RESISTANCE 2 | 31,626 |
| RESISTANCE 1 | 31,014 |
| SUPPORT 1 | 29,383 |
| SUPPORT 2 | 28,364 |
NIFTY BANK index opened flat and dragged in opening session of the week. However, index recouped most of the losses tracking recovery in broader market. We expect index likely to resume uptrend, it is wise to adopt buy dip strategy going forward.
Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 29800 levels, whereas minor resistance on the upside is capped around 30800-30900 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 29000 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 31600.
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 29300 on downside and 31400 on upside.
