EquityPandit’s Outlook for BankNifty for week (July 20, 2015 – July 24, 2015):

BANK NIFTY:

Bank Nifty ended the week with the gain of around 2% .

During the week as we have suggested the index is approaching towards the strong resistance zone of 18900 to 19100 where trend-line and upward moving channel are positioned and the index hit the high of 18940 and retraced back to the levels of 18700.

On 16/07/2015, the index broke above the resistance zone of 19000 and the index can move to the levels of 19300 where downward sloping channel is positioned.

Above the levels of 19400 we can see index moving to the levels of 19700 where channel resistance is lying.

Support for the index lies in the zone of 18500 to 18700 where short term moving averages, long term moving averages and trend-line are positioned.

Range for the week is seen from 18600 to 18800 on downside to 19500 to 19700 on upside.