Nifty Bank Outlook for the Week (Nov 09,2020 – Nov 13,2020)

Weekly Close: 23,900.90.

NIFTY BANK index opened on weak note in accordance with more comprehensive market. Strong performance seen in mid week back of better than expected Kotak bank results. Index once again surrendered at fag end of week amid weak worldwide cues. We expect indices continue stay under pressure and United States Presidential result outcome could be pattern decider.

Weekly High: 24,809.65.

If NIFTY BANK index breaches small support on the drawback and closes listed below it, we may see fresh break down and index can drag towards major assistance on lower side around 22500 and if breaches minor resistance on the advantage and closes above it, we might see fresh breakout and index can head towards greater levels around 25300.

RESISTANCE 2.
25,304.

NIFTY BANK Index closed the week on negative note losing 577.40 points 2.36%.

For the Week: (Nov 09,2020– Nov 13,2020).

Weekly Support & & Resistance For Nifty Bank Index:.

RESISTANCE 1.
24,602.

SUPPORT 1.
23,405.

COOL BANK index opened on weak note in accordance with wider market. Strong efficiency seen in mid week back of better than expected Kotak bank results. Index again succumbed at fag end of week in the middle of weak international cues. We expect indices continue stay under pressure and United States Presidential result outcome might be pattern decider.

Presently NIFTY BANK index is trading above 200 days exponential moving typical and recommends long term pattern is bullish. EquityPandits analyst forecasts variety for the week is seen from 22800 on drawback and 25000 on upside.

Weekly Low: 23,612.70.

Technically on the day-to-day charts we see small support on the disadvantage for NIFTY BANK index lies at 23100 levels, whereas small resistance on the advantage is capped around 24600-24700 levels.

SUPPORT 2.
22,910.