EquityPandit’s Outlook for Nifty Bank for the week  (Sep 18, 2017 – Sep 22, 2017) :

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 1.90%.

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 24994 and close the week around the levels of 24844.

Minor support for the index lies in the zone of 24600 to 24700. Support for the index lies in the zone of 24400 to 24500 from where the index broke out of consolidation. If the index manages to close below these levels then the index can drift to the levels of 23800 to 23900 from where the index broke out of June-2017 highs.

Resistance for the index lies in the zone of 25100 to 25200 where the index has formed a top in the month of August-2017. If the index manages to close above these levels then the index can move to the levels of 25400 to 25500.

Range for the week is seen from 24000 to 24100 on downside & 25400 to 25500 on upside.