EquityPandit’s Outlook for Nifty Bank for the week  (May 29, 2017 – June 02, 2017) :

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 2.60%.

As we have mentioned last week that resistance for the index lies in the zone of 22900 to 23000. If the index manages to close above these levels then the index can move to the levels of around 23300 to 23400. During the week the index manages to hit a high of 23408 and close the week around the levels of 23362.

Minor support for the index lies in the zone of 23000 to 23100. Support for the index lies in the zone of 22400 to 22500 where Fibonacci levels and support for the index is lying. If the index manages to close below these levels then the index can drift to the levels of 22000 to 22100 where short term moving averages and break out levels for the index is lying.

Resistance for the index lies in the zone of 23450 to 23500. If the index manages to close above these levels then the index can move to the levels of around 23700 to 23800 where Fibonacci levels are lying.

Range for the week is seen from 22700 to 22800 on downside & 23700 to 23800 on upside.