Bank Nifty Weekly Outlook and Analysis:

For the Week: (March 29,2021 – April 02,2021)

NIFTY BANK Index closed the week on negative note losing 843.40 points 2.47%.

Weekly High: 34,360.05

Weekly Low: 32,415.25

Weekly Close: 33,318.20

Weekly Support & Resistance For Nifty Bank Index:

NIFTY BANK index opened flat and dragged in opening session of the week. Index witnessed bout of short covering, even so it unable to hold the gain and eventually gave up amid derivative expiry pressure. Index is in down trend on short term charts though short covering bounce could expected as momentum indicator showing over sold activity.

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at  32400 levels, whereas minor resistance on the upside is capped around 34300-34400 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 31700 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 35300.

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 32000 on downside and 35000 on upside.