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BANKNIFTY

Nifty Bank Outlook for the Week (October 24, 2016 – October 28, 2016)

EquityPandit’s Outlook for Nifty Bank for the week (October 24, 2016 – October 28, 2016) :

NIFTY BANK:

 

banknifty

 

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

As we have mentioned last week that minor resistance for the index lies in the zone of 19300 to 19400. Resistance for the index lies in the zone of 19700 to 19800 from where the index has broken down. If the index manages to close above these levels then the index can move to the levels of 20200 to 20400 where the index has made a top in the month of September – 2016. During the week the index manages to hit a high of 19744 and close the week around the levels of 19711.

Minor support for the index lies in the zone of 19400 to 19500. Support for the index lies in the zone of 19000 to 19100 from where the index has broken out of the 4 weeks of consolidation. Minor support for the index lies in the zone of 18700 to 18800 where medium term moving averages are lying. If the index closes below these levels for couple of days then the index can drift to the levels of 17300 to 17500 where long term moving averages are lying.

Resistance for the index lies in the zone of 19700 to 19800 from where the index has broken down. If the index manages to close above these levels then the index can move to the levels of 20200 to 20400 where the index has made a top in the month of September – 2016.

Range for the week is seen from 19200 to 19300 on downside to 20200 to 20300 on upside.

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