EquityPandit’s Outlook for Nifty Bank for the week  (Sep 17, 2018 – Sep 21, 2018):

NIFTY BANK:

Nifty Bank closed the week on negative note losing around 1.10%.

As we have mentioned, last week that 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. During the week the index manages to hit a low of 26555 and close the week around the levels of 27164.

Minor support for the index lies around 26700 to 26800. Support for the index lies in the zone 26500 to 26600 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 26000 to 26100 where Fibonacci levels and long term moving averages are lying.

Minor resistance for the index lies around 27200 to 27300. Resistance for the index lies in the zone of 27600 to 27700 from where the index broke down after consolidation 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 26500 to 26600 on downside & 27500 to 27600 on upside.