EquityPandit’s Outlook for Nifty Bank for the week (July 8, 2019 – July 12, 2019)

NIFTY BANK:

NIFTY BANK Index closed the week on positive note losing +370.60 points +1.19%

Weekly High: 31660.75

Weekly Low: 31105.10

Weekly Close: 31475.80

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RESISTANCE 2: 31969

RESISTANCE 1: 31722

SUPPORT 1: 31167

SUPPORT 2: 30858

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Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 31050 levels, whereas minor resistance on the upside is capped around 31500-31800 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 index towards major support on lower side around 30650 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 32200

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 32200 on upside and 30650 on downside.