EquityPandit’s Outlook for Nifty Bank for the week (November 30, 2015 – December 04, 2015):
Nifty Bank ended the week on positive note gaining around 1.80%.
As we have mentioned last week that the resistance for the index lies in the zone of 17300 where short term moving averages are positioned. If the index manages to close above the levels of 17300 then the index can move to the levels of 17800 where 100 Daily SMA are positioned. During the week the index manages to hit a high of 17404 and close the week around the levels of 17360.
Support for the index lies in the zone of 17100 to 17200 where short term moving averages are positioned. If the index closes below this levels then the index can drift to the levels of 16800 where trend-line support for the index is positioned.
The index has closed around the resistance zone of 17300. If the index manages to hold to this levels then the index can move to the levels of 17700 to 18000 where 100 & 200 Daily SMA are lying.
Range for the week is seen from 16800 to 17000 on downside to 17700 to 18000 on upside.