EquityPandit’s Outlook for Nifty Bank for the week (December 26, 2016 – December 30, 2016) :

NIFTY BANK:

Nifty Bank ended the week on negative note losing around 2.30%.

As we have mentioned last week that support for the index lies in the zone of 18000 to 18100 from where neck-line of the Inverse H & S pattern formed from August-2015 to July-2016 is lying. If the index closes below these levels then the index can drift to the levels of 17700 to 17800 where long term moving averages are lying. Below these levels the index can drift to the levels of 17000 from where the index has bounced on Brexit day. During the wee the index manages to hit a low of 17820 and close the week around the levels of 17884.

Support for the index lies in the zone of 17700 to 17800 where long term moving averages are lying. Below these levels the index can drift to the levels of 17000 from where the index has bounced on Brexit day.

Resistance for the index lies in the zone of 18050 to 18150 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 18600 to 18700 where the index has made a top in the month of December-2016.

Range for the week is seen from 17400 to 17500 on downside to 18200 to 18300 on upside.