EquityPandit’s Outlook for Nifty Bank for the week (March 16, 2020 – March 20, 2020)

NIFTY BANK:

NIFTY BANK Index closed the week on negative note losing 2635 points 9.48%.

Weekly High: 27,091.60

Weekly Low: 21,351.70

Weekly Close: 25,166.45

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 23500 levels, whereas minor resistance on the upside is capped around 26600-26650 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 21100 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 28400.

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 21300 on downside and 28000 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 30,276

RESISTANCE 1: 27,721

SUPPORT 1: 21,981

SUPPORT 2: 18,796