EquityPandit’s Outlook for Nifty Bank for the week (November 21, 2016 – November 25, 2016) :

NIFTY BANK:

Nifty Bank ended the week on negative note losing around 4.00%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 18897 and close the week around the levels of 18959.

The index has closed just below the levels of 19000 to 19100 where medium term moving averages are lying. Support for the index lies in the zone of 18400 to 18500 where the index has taken support in the month of July-2016 & August-2016. If the index manages to close below these levels then the index can drift to the levels of 18000 to 18100 from where the index has bounced on 09/11/2016 and also long term moving averages are lying.

Resistance for the index lies in the zone of 19400 to 19500 where short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels 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 18400 to 18500 on downside to 19400 to 19500 on upside.