EquityPandit’s Outlook for Nifty Bank for the week (Jan 27, 2020 – Jan 31, 2020)

NIFTY BANK:

NIFTY BANK Index closed the week on negative note losing 348.90 points 1.10%.

Weekly High: 31,923.95

Weekly Low: 30,614

Weekly Close: 31,241.75

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 30600 levels, whereas minor resistance on the upside is capped around 31700-31750 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 30000 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 32300.

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 30000 on downside and 32000 on upside.

Weekly Pivot Level For Nifty Bank Index:

RESISTANCE 2: 32,569

RESISTANCE 1: 31,905

SUPPORT 1: 30,595

SUPPORT 2: 29,949