EquityPandit’s Outlook for Nifty Bank for the week (April 03, 2017 – April 07, 2017) :
Nifty Bank closed the week on positive note gaining around 1.50%.
As we have mentioned last week that resistance for the index lies in the zone of 21275 to 21350 where the index is facing resistance. If the index manages to close above these levels for couple of days then the index can move to the levels of 21700 to 21800. During the week the index manages to hit a high of 21696 and close the week around the levels of 21444.
Minor support for the index lies in the zone of 21275 to 21350. Support for the index lies in the zone of 20900 to 21000 from where the index broke out of February-2017 highs. If the index manages to close below these levels then the index can drift to the levels of 20500 to 20600 where the index has taken multiple support.
Resistance for the index lies in the zone of 21700 to 21800 where the index has formed a top in the month of March-2017. If the index manages to close above these levels then the index can move to the levels of 22100 to 22200 where Fibonacci extension is lying.
Range for the week is seen from 21000 to 21100 on downside & 22000 to 22100 on upside.