EquityPandit’s Outlook for Nifty Bank for the week (Oct 7, 2019 – Oct 11, 2019)

NIFTY BANK Index closed the week on negative note loosing -214.90 points -0.76%

Weekly High: 29754.40

Weekly Low: 27653.70

Weekly Close: 27731.85

 
RESISTANCE 2: 30,480

RESISTANCE 1: 29,106

SUPPORT 1: 27,005

SUPPORT 2: 26,279
Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 26600 levels, whereas minor resistance on the upside is capped around 28550-28600 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 25600 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 29650.

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 26000 on downside and 29000 on upside.