EquityPandit’s Outlook for Nifty Bank for the week  (Sep 24, 2018 – Sep 28, 2018):

NIFTY BANK:

Nifty Bank closed the week on negative note losing around 5.80%.

As we have mentioned, last week that 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. During the week the index manages to hit a low of 25053 and close the week around the levels of 25597.

Minor support for the index lies around 25400 to 25500. Support for the index lies in the zone 25000 to 25100 from where the index has broken out in the month of April-2018. If the index manages to close below these levels then the index can drift to the levels of 24500 to 24600.

Resistance for the index lies in the zone of 26000 to 26100 where Fibonacci levels and long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 26500 to 26600 where Fibonacci levels are lying.

Range for the week is seen from 24500 to 24600 on downside & 26500 to 26600 on upside.