EquityPandit’s Outlook for Nifty Bank for the week  (May 22, 2017 – May 26, 2017) :

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 0.40%.

As we have mentioned last week that resistance for the index lies in the zone of 22900 to 23000. If the index manages to close above these levels then the index can move to the levels of around 23300 to 23400. During the week the index manages to hit a high of 22978 and close the week around the levels of 22770.

Minor support for the index lies in the zone of 22500 to 22600. Support for the index lies in the zone of 22000 to 22200 from where the index broke out of April-2017 highs and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 21400 to 21500 where the index has taken multiple support.

Resistance for the index lies in the zone of 22900 to 23000. If the index manages to close above these levels then the index can move to the levels of around 23300 to 23400.

Range for the week is seen from 22000 to 22100 on downside & 23100 to 23200 on upside.