EquityPandit’s Outlook for Nifty Bank for the week (February 15, 2016 – February 19, 2016):
Nifty Bank ended the week on negative note losing around 8.20%.
As we have mentioned last week that support for the index lies in the zone of 14800 to 15000 where the channel support for the index is positioned. If the index manages to close below this levels then the index can drift to the levels of 13800 to 14200 where 1000 Daily SMA and 200 Weekly SMA are positioned. During the week the index manages to hit a low of 13810 and close around the levels of 13920.
Major support for the index lies in the zone of 13500 to 13800 where 1000 Daily SMA, 200 Weekly SMA and trend-line joining earlier highs of 13300 (Nov – 2010) and 13400 (May – 2013) is lying. If the index closes below this levels on weekly closing basis then the index can witness the major breakdown on long term charts.
Resistance for the index lies in the zone of 14500 to 14800 where channel resistance for the index is lying. If the index manages to close above this levels then the index can move to the levels of 15200.
Range for the week is seen from 13500 to 13600 on downside to 14500 to 14700 on upside.