EquityPandit’s Outlook for Bank Nifty for the week (August 31, 2015 – September 04, 2015):
Bank Nifty ended the week on negative note losing more than 4.50%.
Global jitters hit the markets all over the world and all the global markets where down between 3% to 7%.
During the week the index has taken support around the channel support lying around the levels of 16600. If during the week the index breaks below the levels of 16600 the index can drift to the levels of 15500.
If the index closes above the levels of 17500 the index can move to the levels of 18000 to 18500 from where the index has broken down.
Coming week we can expect the markets to be quite volatile and broad range for the week can be 16000 on downside to 18000 on upside.
Technically the index is trading below short term and long term moving averages which suggest the index is trading very weak.
Range for the week is seen from 15500 to 16000 on downside to 18000 to 18500 on upside.