EquityPandit’s Outlook for Nifty Bank for the week (December 14, 2015 – December 18, 2015):
Nifty Bank ended the week on negative note losing around 3.20%.
As we have mentioned last week that the support for the index lies in the zone of 16600 to 16800 from where the index has bounced twice in last 2 months. If the index closes below this levels then the index can drift to the levels of 16000 to 16100 where 500 Daily SMA and 100 Weekly SMA are positioned. During the week the index manages to hit a low of 16260 and close at virtually the lowest levels of the week.
Support for the index lies in the zone of 15800 to 16000 where trend-line and 500 Daily SMA are lying. If the index closes below this levels then the index can drift to the levels of 15100 where trend-line joining earlier lower lows is positioned.
The index has broken down from the Head & Shoulder pattern from the levels of 16550. Immediate resistance for the index lies in the zone of 16550. If the index manages to close above this levels then the index can move to the levels of 17000 where short term moving averages are lying.
Range for the week is seen from 15800 to 16000 on downside to 16600 to 16800 on upside.