EquityPandit’s Outlook for Nifty Bank for the week  (Oct 16, 2017 – Oct 19, 2017) :

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 2.00%.

As we have mentioned, last week that support for the index lies in the zone of 23900 to 24000 from where the index broke out of June-2017 highs and medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 23000 to 23100 where the index has taken support in the month of June-2017. During the week the index manages to hit a low of 23978 and close the week around the levels of 24689.

Support for the index lies in the zone of 24400 to 24500 where short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 23900 to 24000 from where the index broke out of June-2017 highs and medium term moving averages are lying.

Resistance for the index lies in the zone of 25000 to 25100 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 25450 to 25500.

Range for the week is seen from 24000 to 24100 on downside & 25100 to 25200 on upside.