EquityPandit’s Outlook for Bank Nifty for the week (September 28, 2015 – October 02, 2015):
Bank Nifty ended the week on negative note losing around 1.2%.
As we have mentioned last week that 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. During the week the index manages to hit a low of 16759 and bounce back to close the week around the levels of 17196.
Next week on 29/09/2015, RBI is announcing the credit policy. So we expect the markets to be highly volatile and the policy will decide the further direction of the markets.
The index has been facing stiff resistance around the levels of 17600. If the index manages to move above the levels of 17600 on closing basis then the index can move to the levels of 18000 to 18500 where 100 and 200 Daily SMA are positioned.
Support for the index lies in the zone of 16500 to 16750. If the index closes below this levels then the index can move to the levels of 15750 to 16000.
The index has formed a Doji pattern on weekly charts in an uptrend indicating the indecision amongst the traders about the further direction of the index.
Range for the week is seen from 16000 to 16500 on downside to 17500 to 18000 on upside.