Bank Nifty Weekly Outlook and Analysis:

For the Week: (June 14,2021 – June 18,2021)

NIFTY BANK Index closed the week on negative note losing 244.25 points 0.69%.

Weekly High: 35,545.85

Weekly Low: 34,641.20

Weekly Close: 35,047.40

Weekly Support & Resistance For Nifty Bank Index:

NIFTY BANK index opened tad higher in opening session of the week. Index soon dragged back of selling pressure in index heavyweights despite broader strength. Index attempted recovery in mid week, which eventually sold out at fag end of the week. We expect index likely to continue corrective action going forward.

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at  34400 levels, whereas minor resistance on the upside is capped around 35550-35600 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 33700 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 36300.

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 34000 on downside and 36000 on upside.