EquityPandit’s Outlook for Nifty Bank for the week  (Oct 08, 2018 – Oct 12, 2018):

NIFTY BANK:

Nifty Bank closed the week on negative note losing around 2.70%.

As we have mentioned, last week that minor support for the index lies around 25000 to 25100. Support for the index lies in the zone 24500 to 24700 from where the index broke 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 23900 to 24100 where low for the month of April-2018 is lying. During the week the index manages to hit a low of 24251 and close the week around the levels of 24443.

Support for the index lies in the zone 24000 to 24100 where low for the month of April-2018 is lying. If the index manages to close below these levels then the index can drift to the levels of 23600 to 23700 where the index has formed a low in the month of March-2018.

Minor resistance for the index lies around 24800 to 25000. Resistance for the index lies in the zone of 25500 to 25600 from where the index has broken down from May-2018 lows. If the index manages to close above these levels then the index can move to the levels of 26000 to 26100 where low for the month of June-2018 & July-2018 and long term moving averages are lying.

Range for the week is seen from 23500 to 23600 on downside & 25500 to 25600 on upside.