EquityPandit’s Outlook for Nifty Bank for the week (February 20, 2017 – February 24, 2017) :

NIFTY BANK:

Nifty Bank ended the week on positive note gaining around 1.70%.

As we have mentioned last week that resistance for the index lies in the zone of 20600 to 20700 where the index was top out in the month of September-2016. If the index manages to close above these levels then the index can move to the levels of 20900 to 21000 where the index had made a life time highs. During the week the index manages to hit a high of 21042 and close the week around the levels of 20551.

Minor support for the index lies in the zone of 20400 to 20500. Support for the index lies in the zone of 19950 to 20050 where the index has taken multiple support on daily basis. If the index manages to close below these levels then the index can drift to the levels of 18900 to 19000 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 20600 to 20700 where the index was top out in the month of September-2016. If the index manages to close above these levels then the index can move to the levels of 20900 to 21000 where the index had made a life time highs.

Range for the week is seen from 20000 to 20100 on downside to 21000 to 21100 on upside.