EquityPandit’s Outlook for Nifty Bank for the week  (Sep 25, 2017 – Sep 29, 2017) :

NIFTY BANK:

Nifty Bank closed the week on negative note losing around 1.90%.

As we have mentioned, last week that 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. During the week the index manages to hit a high of 25105 and close the week around the levels of 24369.

Support for the index lies in the zone of 24150 to 24250 where the index has taken multiple support. 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 and medium term moving averages are lying.

Minor resistance for the index lies in the zone of 24500 to 24600. Resistance for the index lies in the zone of 25100 to 25200 where the index has formed a double top pattern. 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 23800 to 23900 on downside & 25000 to 25100 on upside.