Bank Nifty Weekly Outlook and Analysis:

For the Week: (Jan 17,2022 – Jan 21,2022)

NIFTY BANK Index closed the week on positive note gaining 630.80 points 1.67%.

Weekly High: 38,851.45

Weekly Low: 37,929.35

Weekly Close: 38,370.40

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  37916 levels, whereas minor resistance on the upside is capped around 38750-38850 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 37,461 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 39305.

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 37,461 on downside and 39305 on upside.