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

NIFTY BANK:

NIFTY BANK Index closed the week on negative note losing 431.65 points 1.93%.

Weekly High: 22,657.40

Weekly Low: 21,027.85

Weekly Close: 21,966.80

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 21000 levels, whereas minor resistance on the upside is capped around 22700-22800 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 20000 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 23500.

Currently NIFTY BANK index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 20500 on downside and 23500 on upside.

WEEKLY PIVOT LEVELS:

RESISTANCE 2: 23,513

RESISTANCE 1: 22,740

SUPPORT 1: 21,110

SUPPORT 2: 20,254