EquityPandit’s Outlook for Bank Nifty for the week (September 14, 2015 – September 18, 2015):
Bank Nifty ended the week on positive note gaining around 3%.
As we have mentioned last week that 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 and the index manages to hit a low of 15762 and bounce back above the levels of 16000.
Technically the index is trading below short term and long term moving averages which suggest the index is trading very weak.
As we have mentioned last week that if the index manages to move above the levels of 16500 the index can move to the levels of 17000, but the index manages to hit a high of 16781 during the week.
Next week if the index breaks below the levels of 15760, then the index can drift to the levels of 15200, where 500 Daily SMA is positioned.
If the index breaks above the levels of 16780, then the index can move to the levels of 17200 to 17500 from where the index was sold off.
Range for the week is seen from 15000 to 15500 on downside to 17000 to 17500 on upside.