EquityPandit’s Outlook for Nifty Bank for the week  (Apr 02, 2018 – Apr 06, 2018):

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 2.50%.

As we have mentioned, last week that 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. During the week the index manages to hit a low of 23657 and close the week around the levels of 24263.

Minor support for the index lies in the zone of 23900 to 24000. 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 and March-2018. 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.

Resistance for the index lies in the zone of 24300 to 24400 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 23600 to 23700 on downside & 24700 to 24800 on upside.