EquityPandit’s Outlook for Nifty Bank for the week (August 01, 2016 – August 05, 2016):

NIFTY BANK:

Nifty Bank ended the week on positive note gaining around 1.40%.

As we have mentioned last week that minor resistance for the index lies in the zone of 18850. Resistance for the index lies in the zone of 19100 to 19200 from where the index has sold off in the month of July – 2015. If the index manages to close above these levels then the index can move to the levels of 20000. During the week the index manages to hit a high of 19127 and close the week around the levels of 18953.

Minor support for the index lies in the zone of 18450 to 18500. Support for the index lies in the zone of 18100 to 18200 where the index has opened gap up on 11/07/2016. If the index manages to close below these levels then the index can drift to the levels of 17600 to 17700 where short term moving averages are lying.

Resistance for the index lies in the zone of 19100 to 19200 from where the index has sold off in the month of July – 2015. If the index manages to close above these levels then the index can move to the levels of 20000.

Range for the week is seen from 18400 to 18500 on downside to 19300 to 19400 on upside.