EquityPandit’s Outlook for Nifty Bank for the week  (Sep 04, 2017 – Sep 08, 2017) :

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 0.70%.

As we have mentioned, last week that support for the index lies in the zone of 23800 to 23900 from where the index broke out of June-2017 highs and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 23300 to 23400 where break out levels for the index is lying. During the week the index manages to hit a low of 24103 and close the week around the levels of 24434.

Minor support for the index lies in the zone of 24200 to 24300. Support for the index lies in the zone of 23800 to 23900 from where the index broke out of June-2017 highs. If the index manages to close below these levels then the index can drift to the levels of 23300 to 23400 where break out levels for the index is lying.

Resistance for the index lies in the zone of 24500 to 24600 from where the index broke down after consolidation. If the index manages to close above these levels then the index can move to the levels of 25100 to 25200 where the index has formed a top in the month of August-2017.

Range for the week is seen from 24000 to 24100 on downside & 25000 to 25100 on upside.