EquityPandit’s Outlook for Bank Nifty for the week (August 17, 2015 – August 21, 2015):
Bank Nifty ended the week on negative note losing around 1%.
As we have been mentioning since last 2 weeks that the index is facing significant resistance around the zone of 19100 to 19200 levels where upper end of downward sloping channel is positioned, this week also the index has hit a high of 19070 levels and retraced back to the levels of 18030 before closing the week around the levels of 18730.
As we have mentioned last week that if 18800 on the index is broken the index can drift to the levels of 18650 where short term moving averages are positioned. Around the zone of 18400 – 18500 the index has major support where 100 Daily SMA and 200 Daily SMA are positioned, but the index drifted to the levels of 18000 where upwards moving trend-line was positioned.
Support for the index lies in the zone of 18000 to 18300 where short term and long term moving averages are positioned.
Resistance for the index lies in the zone of 19000 where downward sloping channel is positioned above which the index can move to the levels of 19500.
Range for the week is seen from 18300 to 18500 on downside to 19200 to 19500 on upside.