EquityPandit’s Outlook for Nifty Bank for the week  (Aug 13, 2018 – Aug 17, 2018):

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 1.50%.

As we have mentioned, last week that resistance for the index lies in the zone of 27600 to 27700 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. During the week the index manages to hit a high of 28378 and close the week around the levels of 28125.

Support for the index lies in the zone 27900 to 28000 from where the index broke out of July-2018 high. If the index manages to close below these levels then the index can drift to the levels of 27500 to 27600 from where the index broke out of January-2018 high.

Resistance for the index lies in the zone of 28400 to 28500 where Fibonacci extension levels are lying. If the index manages to close above these levels then the index can move to the levels of 28800 to 29000.

Range for the week is seen from 27500 to 27600 on downside & 28500 to 28600 on upside.