Bank Nifty weekly outlook

Bank Nifty weekly outlook: ICICI Bank, SBI, and Canara Bank are the main focus; resistance is at 48,200.

Bank Nifty may rise toward the new all-time high levels of 48800 and above if it maintains above the previously indicated levels. The weekly data shows that the Index reached a high of 48154.50 and ended the session at 47709.80, a decrease of 0.93 percent from the closing of the previous week. The range of levels in which Bank Nifty is trading is 47000–48200.
Bank Nifty Outlook
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Additionally, Nifty Bank has closed above the 20-day EMA levels of support on a weekly time frame. This means that the Bank Nifty can continue to rise and reach the next resistance level, which is 48200. The RSI momentum indicator is presently trading at about 63 levels over a weekly time period.

Additionally, Nifty Bank has effectively closed above its 20-day, 50-day, and 200-day moving averages. We anticipate that AUBANK will push the bank nifty index higher if the index moves higher. Additionally, ICICI Bank may act as a counterweight to raise the private banking index. Whereas CANBK and SBIN are anticipated to go higher and provide a respectable gain in the upcoming week, the PSU banks are likewise doing well and should perform better.

Also read: Best Stock to Buy Now.

There is a 190.4-point premium between the Bank Nifty spot and the  Nifty Bank January futures. The biggest concentration is found in 47500 and 47000 in the OI distribution for Bank Nifty Put options, which might provide support for the current expiry. Bank Nifty Call strikes 48000 and 49000 had substantial OI concentrations and may function as resistance for the current expiry.

On weekly charts, we may observe a little resistance region around 48200 levels. If Bank Nifty stays above the previously mentioned levels, it may move up toward the new all-time high levels of 48800 and higher.

Strong support is seen between levels 47300 and 477000. If the index closes below the specified support, more adjustments could be necessary.

Support: 47300-47000
Resistance: 48200-48500
Bias: Sideways to Bullish

(Disclaimer: Waytostocks provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions)

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