Nifty50 Index Weekly Outlook and Analysis:

For the Week: (April 26,2021 – April 30,2021)

NIFTY BANK Index closed the week on negative note losing 255.15 points 0.80%.

Weekly High: 32,148.40

Weekly Low: 30,405.65

Weekly Close: 31,722.30

Weekly Support & Resistance For Nifty Bank Index:

NIFTY BANK index opened gap down in opening session of the week. However, index recovered most of the losses in later half of the week back of bargain buying. Though index is in down trend, we expect index could witness short covering bouts. Mo-mentum indicators also trending upward from over sold zone, which could support bullish activity.

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 31000 levels, whereas mi-nor resistance on the upside is capped around 32350-32400 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 30000 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 33500.

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 30300 on downside and 33200 on upside.