Nifty Bank Outlook for the Week (Dec 07,2020 – Dec 11,2020)


For the Week: (Dec 07,2020 – Dec 11,2020)

NIFTYBANK
NIFTY BANK Index closed the week on positive note gaining 443.35 points 1.50%.

Weekly High: 30,162.30

Weekly Low: 29,149.90

Weekly Close: 30,052.40

Weekly Support & Resistance For Nifty Bank Index:

RESISTANCE 2 30,800
RESISTANCE 1 30,426
SUPPORT 1 29,414
SUPPORT 2 28,775

NIFTY BANK index opened tad higher and traded range bound throughout the week. RBI kept its key rate unchanged in its bimonthly policy review which in line with market expectation. However, index witnessed buying at fag end of the week. We expect index likely to continue its uptrend going forward.

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at 28900 levels, whereas minor resistance on the upside is capped around 30015-30250 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 28000 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 31300.

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 28200 on downside and 31000 on upside.