Bank Nifty Weekly Outlook and Analysis:

For the Week: (May 31,2021 – June 04,2021)

NIFTY BANK Index closed the week on positive note gaining 534.55 points 1.54%.

Weekly High: 35,436.65

Weekly Low: 34,410.40

Weekly Close: 35,141.45

Weekly Support & Resistance For Nifty Bank Index:

NIFTY BANK index opened tad higher and pared gain in early part of the week. Index witnessed muted buying in later half of the week, which helped indices to end in green. Though index is in uptrend it lack the buying conviction from trader, which could result in 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 35700-35800 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 33600 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 36700.

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 33700 on downside and 36500 on upside.

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