EquityPandit’s Outlook for Nifty Bank for the week  (Oct 23, 2017 – Oct 27, 2017) :

NIFTY BANK:

Nifty Bank closed the week on negative note losing around 2.70%.

As we have mentioned, last week that 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. During the week the index manages to hit a low of 23924 and close the week around the levels of 24010.

Support for the index lies in the zone of 23900 to 24000 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 23400 to 23500 where trend-line joining lows of August-2017 and September-2017 is lying.

Resistance for the index lies in the zone of 24400 to 24500 where short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 25000 to 25100 where the index has formed a double top pattern.

Range for the week is seen from 23400 to 23500 on downside & 24500 to 24600 on upside.