EquityPandit’s Outlook for Nifty Bank for the week  (Sep 10, 2018 – Sep 14, 2018):

NIFTY BANK:

Nifty Bank closed the week on negative note losing around 2.50%.

As we have mentioned, last week that minor support for the index lies around 27900 to 28000. Support for the index lies in the zone 27500 to 27600 from where the index broke out of January-2018 high 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 27100 to 27200 from where the index broke out of double top pattern. During the week the index manages to hit a low of 27136 and close the week around the levels of 27359.

Support for the index lies in the zone 27100 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 26700 to 26800 where channel support and medium term moving averages for the index is lying.

Resistance for the index lies in the zone of 27600 to 27700 from where the index broke down of January-2018 high and short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 28300 to 28400 where high for the month of August-2018 is lying.

Range for the week is seen from 26700 to 26800 on downside & 28000 to 28100 on upside.