EquityPandit’s Outlook for Bank Nifty for the week (October 12, 2015 – October 16, 2015):
Bank Nifty ended the week on positive note gaining around 2.4%.
As we have mentioned last week that the index has been facing stiff resistance around the levels of 17500 to 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. During the week the index struggle to move above the levels of 17600 to 17750.
Support for the index lies in the zone of 17000 to 17200. If the index closes below this levels then the index can move to the levels of 16000 to 16500 where channel support for the index is lying.
If the index manages to close above the levels of 17800 then the index can move to the levels of 18000 to 18500 where 100 & 200 Daily SMA and channel resistance for the index are positioned.
Range for the week is seen from 16500 to 16750 on downside to 18000 to 18300 on upside.