EquityPandit’s Outlook for Nifty Bank for the week  (Oct 30, 2017 – Nov 03, 2017) :

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 3.50%.

As we have mentioned, last week that 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. During the week the index manages to hit a high of 25186 and close the week around the levels of 24839.

Minor support for the index lies in the zone of 24650 to 24700. Support for the index lies in the zone of 24400 to 24450 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.

Resistance for the index lies in the zone of 25000 to 25100 where the index has formed a triple top pattern. If the index manages to close above these levels then the index can move to the levels of 25500 to 25600.

Range for the week is seen from 24200 to 24300 on downside & 25500 to 25600 on upside.