Bank Nifty Weekly Outlook and Analysis:

For the Week: (Oct 05,2020 – Oct 09,2020)

NIFTY BANK Index closed the week on positive note gaining 1264 points 6.02%.

Weekly High: 22,293.75

Weekly Low: 21,055.10

Weekly Close: 22,246

Weekly Support & Resistance For Nifty Bank Index:

NIFTY BANK index has witnessed recovery after selling pressure of four weeks. Index has formed higher high and higher low trading pattern on intraday charts. Index is approaching its strong resistance zone of 22600-22700 levels. Cross over of said levels in index trigger fresh bout of buying going forward. Momentum indicator also trending upward, which support bulls.

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 21400 levels, whereas minor resistance on the upside is capped around 22600-22700 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 20600 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 23500.

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 20900 on downside and 23400 on upside.