EquityPandit’s Outlook for Nifty Bank for the week (April 18, 2016 – April 22, 2016):

NIFTY BANK:

Nifty Bank ended the week on positive note gaining around 4.60%.

As we have mentioned last week that minor support for the index lies in the range of 15400 to 15500. If the index manages to close below these levels then the index can drift to the levels of 15000 to 15200 where short term moving averages are lying. During the week the index manages to hit a low of 15440 and bounce to close the week around the levels of 16279.

Minor support for the index lies in the zone of 15950 to 16050 where the index has opened gap up on 13/04/2016. If the index manages to close below these levels then the index can drift to the levels of 15500 to 15700 where short term moving averages and 100 Daily SMA are lying.

Resistance for the index lies in the zone of 16300 to 16400 where the index has opened the gap down on 07/01/2016. If the index manages to close above these levels then the index can move to the levels of 16800 to 17000 where 200 & 500 Daily SMA and trend-line joining earlier highs is lying.

Range for the week is seen from 15700 to 15800 on downside to 16500 to 16600 on upside.