EquityPandit’s Outlook for Nifty Bank for the week  (Nov 20, 2017 – Nov 24, 2017) :

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 0.90%.

As we have mentioned, last week that 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. During the week the index manages to hit a low of 25166 and close the week around the levels of 25728.

Minor support for the index lies in the zone of 25550 to 25600. 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 24500 to 24600 where break out gap for the index is lying.

Resistance for the index lies in the zone of 25900 to 26000 where channel resistance for the index is lying. If the index manages to close above these levels then the index can move to the levels of 26300 to 26400.

Range for the week is seen from 25200 to 25300 on downside & 26200 to 26300 on upside.