EquityPandit’s Outlook for Nifty Bank for the week (November 15, 2016 – November 18, 2016) :

NIFTY BANK:

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

As we have mentioned last week that 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 and medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 18500 where the index has formed a base in the month of July – 2016 and August – 2016. If the index breaks below these levels then the index can drift to the levels of 18050 to 18200 where the index has formed a gap. During the week the index manages to hit a low of 18144 and close the week around the levels of 19739.

Support for the index lies in the zone of 19400 to 19500 levels where the index has opened gap up on 10-11-2016. If the index manages to close below these levels then the index can drift to the levels of 19000 to 19100 where medium 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.

Last week the index was highly volatile so during first half of the week we may see volatility which may subside during the later half of the week.

Range for the week is seen from 19000 to 19100 on downside to 20200 to 20300 on upside.