EquityPandit’s Outlook for Nifty Bank for the week (January 16, 2017 – January 20, 2017) :

NIFTY BANK:

Nifty Bank ended the week on positive note gaining around 3.50%.

As we have mentioned last week that resistance for the index lies in the zone of 18500 to 18600 where medium term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 18900 to 19000 from where the index was broken down after consolidation. During the week the index manages to hit a high of 18966 and close the week around the levels of 18912.

Support for the index lies in the zone of 18500 to 18600 from where the index broke out on gap up opening on 11/01/2017. If the index manages to close below these levels then the index can drift to the levels of 18000 to 18100 where long term moving averages are lying.

Resistance for the index lies in the zone of 18900 to 19000 from where the index was broken down after consolidation and Fibonacci ratios are lying. If the index manages to close above these levels then the index can move to the levels of 19500 to 19600.

Range for the week is seen from 18500 to 18600 on downside to 19500 to 19600 on upside.