EquityPandit’s Outlook for Nifty Bank for the week (Mar 26, 2018 – Mar 28, 2018):
NIFTY BANK:
Nifty Bank closed the week on negative note losing around 3.30%.
As we have mentioned, last week that support for the index lies in the zone of 24200 to 24300 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 23500 to 23600 where the index has formed a bottom in the month of September-2017. During the week the index manages to hit a low of 23605 and close the week around the levels of 23670.
Support for the index lies in the zone of 23500 to 23600 where the index has formed a bottom in the month of September-2017. If the index manages to close below these levels then the index can drift to the levels of 22900 to 23000 where trend-line joining earlier lows is lying.
Minor resistance for the index lies in the zone of 23900 to 24000. Resistance for the index lies in the zone of 24200 to 24300 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 24900 to 25000 where long term moving averages are lying.
Range for the week is seen from 23000 to 23200 on downside & 24000 to 24200 on upside.