EquityPandit’s Outlook for Nifty Bank for the week  (May 07, 2018 – May 11, 2018):

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 1.00%.

As we have mentioned, last week that 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. During the week the index manages to hit a high of 25717 and close the week around the levels of 25645.

Minor support for the index lies in the zone of 25300 to 25400. 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 25600 to 25650 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 25000 to 25100 on downside & 25900 to 26000 on upside.