EquityPandit’s Outlook for Bank Nifty for the week (September 21, 2015 – September 25, 2015):
Bank Nifty ended the week on positive note gaining around 5%.
As we have mentioned last week that 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 and the index manages to hit a high of 17602 on 18/09/2015 but could not close above the levels of 17500.
Coming week will be the expiry week so index can be highly volatile. Options data suggest that the index should move in the range of 16500 on downside and 18000 on upside during the week.
Support for the index lies in the range of 16500 to 16750. If the index drifts below the level of 16500 on closing basis then the index can drift to the levels of 16000.
Resistance for the index lies in the range of 17500 to 18000. If the index moves above this levels on closing basis then the index can move to the levels of 18500.
Range for the week is seen from 16000 to 16500 on downside to 17500 to 18000 on upside.