Bank Nifty Weekly Outlook and Analysis:

For the Week: (Jan 03,2021 – Jan 07,2021)

NIFTY BANK Index closed the week on positive note gaining 624.65 points 1.79%.

Weekly High: 35,596.95

Weekly Low: 34,233

Weekly Close: 35,481.70

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  35000 levels, whereas minor resistance on the upside is capped around 35900-36000 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 34600 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 36500.

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 34650 on downside and 36450 on upside.