EquityPandit’s Outlook for Nifty Bank for the week (February 27, 2017 – March 03, 2017) :

NIFTY BANK:

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

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 21012 and close the week around the levels of 20877.

Minor support for the index lies in the zone of 20700 to 20750. Support for the index lies in the zone of 20450 to 20500 from where the index broke out of September-2016 highs. If the index manages to close below these levels then the index can drift to the levels of 20000 to 20100 where the index has taken multiple support.

Resistance for the index lies in the zone of 20900 to 21000 where the index had made a life time highs. If the index manages to close above these levels for couple of days then the index can move to the levels of 21500 to 21600.

Range for the week is seen from 20200 to 20300 on downside and 21300 to 21400 on upside.