EquityPandit’s Outlook for Nifty Bank for the week (September 06, 2016 – September 09, 2016) :

NIFTY BANK:

Nifty Bank ended the week on positive note gaining around 3.60%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 19928 and close the week around the levels of 19883.

Minor support for the index lies in the zone of 19500 to 19580. 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.

Resistance for the index lies in the zone of 19900 to 20000. If the index manages to close above these levels then the index can move to the levels of 20350 to 20450.

Range for the week is seen from 19400 to 19500 on downside to 20300 to 20400 on upside.