EquityPandit’s Outlook for Nifty Bank for the week (March 08, 2016 – March 11, 2016):

 

NIFTY BANK:

 

 

Nifty Bank ended the week on positive note gaining around 11.60%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 13407 and bounce to close the week around the levels of 15395.

Support for the index lies in the zone of 14500 to 14700 where the index has made a gap on 02-03-2016. If the index manages to close below this levels then the index can drift to the levels 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.

Resistance for the index lies in the zone of 15600 to 15800 where the index has made a low in the month of September – 2015. If the index manages to close above this levels then the index can move to the levels of 16200 where 100 Daily SMA is lying.

Range for the week is seen from 14500 to 14700 on downside to 15800 to 16000 on upside.