EquityPandit’s Outlook for Nifty Bank for the week (Jan 20, 2020 – Jan 24, 2020)

NIFTY BANK:

NIFTY BANK Index closed the week on negative note losing 506.75 points 1.58%.

Weekly High: 32,322.65

Weekly Low: 31,445.50

Weekly Close: 31,590.65

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 31000 levels, whereas minor resistance on the upside is capped around 32000-32100 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 30700 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 32500.

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 30800 on downside and 32400 on upside.

RESISTANCE 2: 32,663

RESISTANCE 1: 32,127

SUPPORT 1: 31,249

SUPPORT 2: 30,909