EquityPandit’s Outlook for Nifty Bank for the week (November 07, 2016 – November 11, 2016) :

NIFTY BANK:

Nifty Bank ended the week on negative note losing around 2.40%.

As we have mentioned last week that minor support for the index lies in the zone of 19400 to 19500. Support for the index lies in the zone of 19000 to 19100 from where the index has broken out of the 4 weeks of consolidation and medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 18500 where the index has formed a base in the month of July – 2016 and August – 2016. During the week the index manages to hit a low of 18961 and close the week around the levels of 19058.

Support for the index lies in the zone of 19000 to 19100 from where the index has broken out of the 4 weeks of consolidation and medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 18500 where the index has formed a base in the month of July – 2016 and August – 2016. If the index breaks below these levels then the index can drift to the levels of 18050 to 18200 where the index has formed a gap.

Minor resistance for the index lies in the zone of 19400 to 19500 where the index has formed a gap on 02/11/2016. Resistance for the index lies in the zone of 19700 to 19800 from where the index has broken down. If the index manages to close above these levels then the index can move to the levels of 20200 to 20400 where the index has made a top in the month of September – 2016.

Range for the week is seen from 18200 to 18300 on downside to 19400 to 19500 on upside.