EquityPandit’s Outlook for Nifty Bank for the week (Nov 18, 2019 – Nov 22, 2019)

NIFTY BANK:

NIFTY BANK Index closed the week on positive note gaining 259 points 0.84%.

Weekly High: 31,205.20

Weekly Low: 30,338.35

Weekly Close: 31,008.40

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 30300 levels, whereas minor resistance on the upside is capped around 31200-31250 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 29600 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 31600.

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 29900 on downside and 31600 on upside.

RESISTANCE 2: 31,717

RESISTANCE 1: 31,362

SUPPORT 1: 30,496

SUPPORT 2: 29,983