EquityPandit’s Outlook for Nifty Bank for the week (November 28, 2016 – December 02, 2016) :

NIFTY BANK:

Nifty Bank ended the week on negative note losing around 2.40%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 18215 and close the week around the levels of 18507.

The index has closed around the support 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. If the index closes below these levels then the index can drift to the levels of 17600 to 17700 where long term moving averages are lying.

Resistance for the index lies in the zone of 18800 to 19000 from where the index has broken down from the October lows and also medium term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 19500.

Range for the week is seen from 17800 to 17900 on downside to 19200 to 19300 on upside.