EquityPandit’s Outlook for Nifty Bank for the week (May 30, 2016 – June 03, 2016):

NIFTY BANK:

Nifty Bank ended the week on positive note gaining around 6.30%.

As we have mentioned last week that minor support for the index lies in the zone of 16200. Support for the index lies in the zone of 15800 to 16000 where 100 Daily SMA are lying. If the index manages to close below these levels then the index can drift to the levels of 15400 to 15500 from where the index has bounced in the month of April – 2016. During the week the index manages to hit a low of 16368 and close the week around the levels of 17512.

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 18000 from where the index has sold off in the month of Oct – 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 16600 to 16800 on downside to 18200 to 18400 on upside.