EquityPandit’s Outlook for Nifty Bank for the week (January 30, 2017 – February 03, 2017) :
Nifty Bank ended the week on positive note gaining around 4.70%.
As we have mentioned last week that resistance for the index lies in the zone of 18900 to 19000 from where the index was broken down after consolidation and Fibonacci ratios are lying. If the index manages to close above these levels then the index can move to the levels of 19500 to 19600. During the week the index manages to hit a high of 19795 and close the week around the levels of 19708.
Support for the index lies in the zone of 19300 to 19400 from where the index broke out on intraday basis. If the index manages to close below these levels then the index can drift to the levels of 18900 to 19000 where Fibonacci levels are lying.
Resistance for the index lies in the zone of 19900 to 20000 where trend-line joining highs of September-2016 and November-2016 is lying. If the index manages to close above these levels then the index can move to the levels of 20600 to 20700 where the index was top out in the month of September-2016.
Range for the week is seen from 18800 to 18900 on downside to 20600 to 20700 on upside.