EquityPandit’s Outlook for Bank Nifty for the week (October 19, 2015 – October 23, 2015):

BANK NIFTY:

Bank Nifty ended the week on positive note gaining around 2.0%.

As we have mentioned last week that if the index manages to close above the levels of 17800 then the index can move to the levels of 18000 to 18500 where 100 & 200 Daily SMA and channel resistance for the index are positioned. During the week the index manages to hit a high of 17947 and virtually close around the high levels of the week.

Support for the index lies in the zone of 17300 to 17500. If the index closes below this levels then the index can move to the levels of 16800 to 17000 where channel support for the index is lying.

The index has closed around the resistance zone of 18000 where 100 Daily SMA is positioned. If the index manages to close above the levels of 18000 then the index can move to the levels of 18000 to 18500 where 100 & 200 Daily SMA and channel resistance for the index are positioned.

Range for the week is seen from 17300 to 17500 on downside to 18300 to 18500 on upside.