EquityPandit’s Outlook for Nifty Bank for the week (March 14, 2017 – March 17, 2017) :

NIFTY BANK:

Nifty Bank ended the week on positive note gaining around 1.10%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 20530 and close the week around the levels of 20728.

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 20000 to 20100 on downside & 21500 to 21600 on upside.