EquityPandit’s Outlook for Nifty Bank for the week (January 11, 2016 – January 15, 2016):
Nifty Bank ended the week on negative note losing around 5.10%.
As we have mentioned last week that index has closed around the strong resistance zone of 16900 to 17100 where short term moving averages are lying. Support for the index lies in the zone of 16500 where neckline of the Head & Shoulder pattern and 100 Weekly SMA are positioned. If the index closes below this levels then the index can drift to the levels of 15800 to 16000 where trend-line and 500 Daily SMA are lying. During the week the index manages to hit a low of 16050 and close the week around the lowest levels.
Support for the index lies in the zone of 15700 to 15800 where the index has formed a bottom in the month of Sep – 2015. If the index closes below this levels then the index can drift to the levels of 14800 to 15300 where the channel support for the index is positioned.
Resistance for the index lies in the zone of 16300 to 16500 where 500 Daily SMA and 100 weekly SMA are positioned. If the index manages to close above this levels then the index can move to the levels of 17000 where 100 Daily SMA is lying.
Range for the week is seen from 15300 to 15500 on downside to 16500 to 16700 on upside.