EquityPandit’s Outlook for Nifty Bank for the week (Oct 21, 2019 – Oct 25, 2019)

NIFTY BANK:

NIFTY BANK Index closed the week on positive note gaining 1077.75 points 3.84%.

Weekly High: 29,249.50

Weekly Low: 28,043.25

Weekly Close: 29,120.25

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 28500 levels, whereas minor resistance on the upside is capped around 29550-29600 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 27800 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 30100.

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 28300 on downside and 30100 on upside.

RESISTANCE 2: 30,010

RESISTANCE 1: 29,565

SUPPORT 1: 28,359

SUPPORT 2: 27,598