EquityPandit’s Outlook for Nifty Bank for the week  (Aug 21, 2017 – Aug 25, 2017) :

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 0.40%.

As we have mentioned, last week that resistance for the index lies in the zone of 24300 to 24400. If the index manages to close above these levels then the index can move to the levels of 24500 to 24600 from where the index broke down after consolidation. During the week the index manages to hit a high of 24496 and close the week around the levels of 24074.

Support for the index lies in the zone of 23800 to 23900 from where the index broke out of June-2017 highs and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 23300 to 23400 where break out levels for the index is lying.

Resistance for the index lies in the zone of 24300 to 24400. If the index manages to close above these levels then the index can move to the levels of 24500 to 24600 from where the index broke down after consolidation.

Range for the week is seen from 23300 to 23400 on downside & 24500 to 24600 on upside.