EquityPandit’s Outlook for BankNifty for week (August 10, 2015 – August 14, 2015):
Bank Nifty ended the week on positive note gaining around 1%.
As we have been mentioning since last 2 weeks that the index is facing significant resistance around the zone of 19100 to 19200 levels where upper end of downward sloping channel is positioned, this week also the index has hit a high of 19103 levels and retraced back to the levels of 18800 before closing the week around the levels of 18900.
Since last 3 days the index has been consolidating in the range of 18800 on downside to 19100 on upside.
If 18800 on the index is broken the index can drift to the levels of 18650 where short term moving averages are positioned. Around the zone of 18400 – 18500 the index has major support where 100 Daily SMA and 200 Daily SMA are positioned.
Resistance for the index lies in the zone of 19100 above which the index can move to the levels of 19500.
Range for the week is seen from 18300 to 18500 on downside to 19200 to 19500 on upside.