Bank Nifty Weekly Outlook and Analysis:

For the Week: (Sept 21,2020 – Sept 25,2020)

NIFTY BANK Index closed the week on negative note losing 448.90 points 2.00%.

Weekly High: 22,757.30

Weekly Low: 21,784.90

Weekly Close: 22,031.05

Weekly Support & Resistance For Nifty Bank Index:

NIFTY BANK index has given breakdown of intermediate rising trend line. Index has formed lower low and lower highs trading pattern on daily charts. We expect further selling pressure in index going forward, key support to watch out at 21000 levels.

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 21000 levels, whereas minor resistance on the upside is capped around 22700-22800 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 20000 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 23600.

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 20500 on downside and 23200 on upside.