EquityPandit’s Outlook for Nifty Bank for the week (Sept 30, 2019 – Oct 5, 2019)

NIFTY BANK:

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

Weekly High: 30801.30

Weekly Low: 29470.10

Weekly Close: 29876.65

RESISTANCE 2: 31,380

RESISTANCE 1: 30,628

SUPPORT 1: 29,297

SUPPORT 2: 28,718

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 29300 levels, whereas minor resistance on the upside is capped around 30800-30850 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 28600 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 31700.

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 29000 on downside and 31000 on upside.