EquityPandit’s Outlook for Nifty Bank for the week (May 18, 2020 – May 22, 2020)

NIFTY BANK:

NIFTY BANK Index closed the week on negative note losing 518.95 points 2.68%.

Weekly High: 20,122.25

Weekly Low: 18,287

Weekly Close: 18,833.95

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 17900 levels, whereas minor resistance on the upside is capped around 20200-20300 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 16500 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 21300.

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 17000 on downside and 20800 on upside.

Weekly Pivot Levels

RESISTANCE 2: 20,916

RESISTANCE 1: 19,875

SUPPORT 1: 18,039

SUPPORT 2: 17,245