EquityPandit’s Outlook for Nifty Bank for the week  (Dec 04, 2017 – Dec 08, 2017) :

NIFTY BANK:

Nifty Bank closed the week on negative note losing around 2.30%.

As we have mentioned, last week that 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. During the week the index manages to hit a low of 25153 and close the week around the levels of 25200.

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.

Minor resistance for the index lies in the zone of 25400 to 25500. 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 24500 to 24600 on downside & 25700 to 25800 on upside.