EquityPandit’s Outlook for Nifty Bank for the week  (Mar 05, 2018 – Mar 09, 2018):

NIFTY BANK:

Nifty Bank closed the week on negative note losing around 1.60%.

As we have mentioned, last week that minor resistance for the index lies in the zone of 25700 to 25800. Resistance for the index lies in the zone of 26200 to 26300 from where the index has opened gap down. If the index manages to close above these levels then the index can move to the levels of 26700 to 26900 where trend-line joining earlier highs is lying. During the week the index manages to hit a high of 25723 and close the week around the levels of 24903.

The index has closed around the support zone of 24900 to 25000 from where the index broke out of triple top pattern and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 24200 to 24300 where Fibonacci levels are lying.

Minor resistance for the index lies in the zone of 25200 to 25300. Resistance for the index lies in the zone of 25700 to 25800 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 26200 to 26300 from where the index has opened gap down.

Range for the week is seen from 24000 to 24200 on downside & 25700 to 25800 on upside.