EquityPandit’s Outlook for Nifty Bank for the week  (Apr 30, 2018 – May 04, 2018):

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 1.80%.

As we have mentioned, last week that support for the index lies in the zone 24900 to 25000 where long term moving averages and break out levels are lying. Support for the index lies in the zone of 24500 to 24600 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 24000 to 24100 where break out levels are lying. During the week the index manages to hit a low of 24466 and close the week around the levels of 25394.

Support for the index lies in the zone 24900 to 25000 where long term moving averages and break out levels are lying. Support for the index lies in the zone of 24500 to 24600 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 24000 to 24100 where break out levels are lying.

Resistance for the index lies in the zone of 25500 to 25600 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 26000 to 26100 where Fibonacci levels and Gap are lying.

Range for the week is seen from 24800 to 24800 on downside & 25800 to 25900 on upside.