EquityPandit’s Outlook for Nifty Bank for the week  (Oct 29, 2018 – Nov 02, 2018):

NIFTY BANK:

Nifty Bank closed the week on negative note losing around 2.60%.

As we have mentioned, last week that 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. During the week the index manages to hit a high of 25505 and close the week around the levels of 24421.

Support for the index lies in the zone 24200 to 24300 where short term bottom has been formed and channel support 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 in the zone of 24800 to 24900. 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 23600 to 23700 on downside & 25200 to 25300 on upside.