EquityPandit’s Outlook for Nifty Bank for the week (January 02, 2017 – January 06, 2017) :

NIFTY BANK:

Nifty Bank ended the week on positive note gaining around 1.60%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 17607 and close the week around the levels of 18177.

Minor support for the index lies in the zone of 18000 to 18050. 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 18500 to 18600 where medium term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 18900 to 19000 from where the index was broken down after consolidation.

Range for the week is seen from 17600 to 17700 on downside to 18500 to 18600 on upside.