EquityPandit’s Outlook for Bank Nifty for the week (September 07, 2015 – September 11, 2015):
Bank Nifty ended the week on negative note losing more than 6%.
As we have mentioned last week that if the index breaks below the levels of 16600 the index can drift to the levels of 15500 and the index hit a low of 15933 during the week.
As we have suggested last week that 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, but the index manages to hit a high of 17353 during the week.
Coming week we can expect the markets to be quite volatile and broad range for the week can be 15000 on downside to 17000 on upside. Technically the index is trading below short term and long term moving averages which suggest the index is trading very weak.
If the index breaks below the levels of 16000 on closing basis where downward moving trend-line is positioned, the index can drift to the levels of 15200 where 500 Daily SMA is positioned.
If the index manages to move above the levels of 16500 the index can move to the levels of 17000.
Range for the week is seen from 15000 to 15500 on downside to 17000 to 17500 on upside.