EquityPandit’s Outlook for Nifty Bank for the week  (July 03, 2017 – July 07, 2017) :

NIFTY BANK:

 

 

Nifty Bank closed the week on negative note losing around 1.40%.

As we have mentioned, last week that minor support for the index lies in the zone of 23450 to 23500. Support for the index lies in the zone of 22900 to 23000 from where the index broke out after consolidation and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 22400 to 22500 where break out levels for the index is lying. During the week the index manages to hit a low of 22996 and close the week around the levels of 23211.

Support for the index lies in the zone of 22900 to 23000 from where the index broke out after consolidation and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 22400 to 22500 where break out levels and Fibonacci levels for the index is lying.

Minor resistance for the index lies in the zone of 23400 to 23500. Resistance for the index lies in the zone of 23700 to 23800 where the index has formed a top in the month of June-2017. If the index manages to close above these levels then the index can move to the levels of around 24150 to 24250.

Range for the week is seen from 22500 to 22600 on downside & 24600 to 24700 on upside.