EquityPandit’s Outlook for Nifty Bank for the week (January 23, 2017 – January 27, 2017) :

NIFTY BANK:

Nifty Bank ended the week on negative note losing around 0.50%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 19276 and close the week around the levels of 18821.

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 18300 to 18400 on downside to 19200 to 19300 on upside.