EquityPandit’s Outlook for Nifty Bank for the week (June 17, 2019 – June 21, 2019)

NIFTY BANK:

NIFTY BANK Index closed the week on negative note losing –452.20 Points –1.46%

Technically on the daily charts we see minor support on the downside for Nifty Bank Index lies at 30200 levels, whereas minor resistance on the upside is capped around 31250 levels.

If Nifty Bank 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 29500 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 31800

Currently Nifty Bank 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 31800 on upside and 29500 on downside.