EquityPandit’s Outlook for Nifty Bank for the week (August 22, 2016 – August 26, 2016):

NIFTY BANK:

Nifty Bank ended the week on positive note gaining around 2.40%.

As we have mentioned last week that 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 19457 and close the week around the levels of 19415.

Support for the index lies in the zone of 19000 to 19100 from where the index has broken out of the 4 weeks consolidation. If the index manages to close below these levels then the index can drift to the levels of 18500 to 18600 where short term moving averages are lying.

Resistance for the index lies in the zone of 19550 to 19650. If the index manages to close above these levels then the index can move to the levels of 19900 to 20000.

Range for the week is seen from 19000 to 19100 on downside to 19800 to 19900 on upside.