EquityPandit’s Outlook for Nifty Bank for the week  (July 30, 2018 – Aug 03, 2018):

NIFTY BANK:

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

As we have mentioned, last week that minor support lies around the zone of 26600 to 26700. Support for the index lies in the zone 26400 to 26500 where Fibonacci levels and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 25900 to 26000 where Fibonacci levels and medium moving averages are lying. During the week the index manages to hit a low of 26671 and close the week around the levels of 27559.

Support for the index lies in the zone 27000 to 27200 from where the index broke out of double top pattern. If the index manages to close below these levels then the index can drift to the levels of 26400 to 26500 where Fibonacci levels and short term moving averages are lying.

Resistance for the index lies in the zone of 27500 to 27600 where the index has formed a top in the month of January-2018. If the index manages to close above these levels then the index can move to the levels of 28000 to 28100.

Range for the week is seen from 26800 to 27000 on downside & 28000 to 28200 on upside.