EquityPandit’s Outlook for Nifty Bank for the week (September 12, 2016 – September 16, 2016) :

NIFTY BANK:

Nifty Bank ended the week on positive note gaining around 1.80%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 20576 and close the week around the levels of 20245.

Minor support for the index lies in the zone of 19925 to 20000. Support for the index lies in the zone of 19500 to 19550 from where the index broke out of the short term top. If the index manages to close below these levels then the index can drift to the levels of 19000 to 19100 from where the index has broken out of the 4 weeks of consolidation.

Resistance for the index lies in the zone of 20500 to 20600. If the index manages to close above these levels then the index can move to the levels of 20900 to 21000 where life time high of the index is lying.

Range for the week is seen from 19400 to 19500 on downside to 20500 to 20600 on upside.