EquityPandit’s Outlook for Nifty Bank for the week (February 13, 2017 – February 17, 2017) :

NIFTY BANK:

Nifty Bank ended the week on positive note gaining around 0.08%.

As we have mentioned last week that minor support for the index lies in the zone of 19800 to 19900. Support for the index lies in the zone of 19300 to 19400 from where the index broke out. If the index manages to close below these levels then the index can drift to the levels of 18900 to 19000 where Fibonacci levels are lying. During the week the index manages to hit a low of 20000 and close the week around the levels of 20214.

Minor support for the index lies in the zone of 19900 to 20000. Support for the index lies in the zone of 19300 to 19400 from where the index broke out. If the index manages to close below these levels then the index can drift to the levels of 18900 to 19000 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 20600 to 20700 where the index was top out in the month of September-2016. If the index manages to close above these levels then the index can move to the levels of 20900 to 21000 where the index had made a life time highs.

Range for the week is seen from 19700 to 19800 on downside to 20600 to 20700 on upside.