EquityPandit’s Outlook for Nifty Bank for the week (July 04, 2016 – July 08, 2016):

NIFTY BANK:

Nifty Bank ended the week on positive note gaining around 3.20%.

As we have mentioned last week that minor resistance for the index lies around the levels of 17600. Resistance for the index lies in the zone of 18100 to 18200 where the index has created gap on gap down opening in the month of Aug – 2015. If the index manages to close above these levels then the index can move to the levels of 19000. During the week the index manages to hit a high of 18075 and close the week around the levels of 17985.

Minor support for the index lies in the zone of 17500 to 17600. Support for the index lies in the zone of 17000 from where the index has broken out of the double top formation. If the index manages to close below these levels then the index can drift to the levels of 16500 where 200 Daily SMA is lying.

Resistance for the index lies in the zone of 18100 to 18200 where the index has created gap on gap down opening in the month of Aug – 2015. If the index manages to close above these levels then the index can move to the levels of 19000.

Range for the week is seen from 17300 to 17400 on downside to 18300 to 18400 on upside.