EquityPandit’s Outlook for Nifty Bank for the week  (Nov 06, 2017 – Nov 10, 2017) :

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 3.30%.

As we have mentioned, last week that 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. During the week the index manages to hit a high of 25695 and close the week around the levels of 25650.

Minor support for the index lies in the zone of 25350 to 25400. Support for the index lies in the zone of 25000 to 25100 from where the index broke out of triple top pattern. If the index manages to close below these levels then the index can drift to the levels of 24450 to 24500 where short term moving averages are lying.

Resistance for the index lies in the zone of 25800 to 25900. If the index manages to close above these levels then the index can move to the levels of 26200 to 26300.

Range for the week is seen from 25100 to 25200 on downside & 26200 to 26300 on upside.