EquityPandit’s Outlook for Nifty Bank for the week (August 29, 2016 – September 02, 2016) :

NIFTY BANK:

Nifty Bank ended the week on negative note losing around 1.10%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 19134 and close the week around the levels of 19196.

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 19450 to 19500 where the index has formed a short term top. 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 18500 to 18600 on downside to 19400 to 19500 on upside.