Bank Nifty Weekly Outlook and Analysis:

For the Week: (Feb 14, 2022 – Feb 18, 2022)

NIFTY BANK Index closed the week on negative note losing 272.10 points 0.70%.

Weekly High: 39,197.20

Weekly Low: 37,319.05

Weekly Close: 38,517.25

Weekly Support & Resistance For Nifty Bank Index:

RESISTANCE 2	40,222
RESISTANCE 1	39,369
SUPPORT 1	37,491
SUPPORT 2	36,466

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at  37800 levels, whereas minor resistance on the upside is capped around 39250-39300 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 37000 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 40000.

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 37100 on downside and 39900 on upside.

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