EquityPandit’s Outlook for Nifty Bank for the week  (Sep 11, 2017 – Sep 15, 2017) :

NIFTY BANK:

Nifty Bank closed the week on negative note losing around 0.30%.

As we have mentioned, last week that 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. During the week the index manages to hit a high of 24459 and close the week around the levels of 24354.

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 23700 to 23800 on downside & 24800 to 25000 on upside.