Bank Nifty Weekly Outlook and Analysis:

For the Week: Sept 28,2020 – Oct 01,2020)

NIFTY BANK Index closed the week on negative note losing 1048.70 points 4.76%.

Weekly High: 22,098.85

Weekly Low: 20,404.90

Weekly Close: 20,982.35

Weekly Support & Resistance For Nifty Bank Index:

NIFTY BANK index has witnessed selling pressure fourth week in row. Index has formed lower low and lower highs trading pattern on daily charts. However, index formed reversal pattern at fag end of the week. We expect muted bout of short covering could seen, momentum indicator also in over sold zone.

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 20400 levels, whereas minor resistance on the upside is capped around 21300-21400 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 19300 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 22500.

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 19500 on downside and 22300 on upside.