Bank Nifty Weekly Outlook and Analysis:

For the Week: (Sept 04,2020 – Sept 18,2020)

NIFTY BANK Index closed the week on negative note losing 531.55 points 2.31%.

Weekly High: 23,109.10

Weekly Low: 22,080.40

Weekly Close: 22,479.95

Weekly Support & Resistance For Nifty Bank Index:

NIFTY BANK index has took support and held the price above intermediate trend line of up move. If index fall below this trend line, index could witness heavy sell off going forward.

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 22000 levels, whereas minor resistance on the upside is capped around 23100-23200 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 20800 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 24000.

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 21000 on downside and 23800 on upside.