EquityPandit’s Outlook for Nifty Bank for the week  (Jan 14, 2019 – Jan 18, 2019):

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 0.90%.

As we have mentioned, last week that resistance for the index lies in the zone of 27300 to 27500 from where the index has broken down in the month of August-2018 and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 27700 to 27900 from where the index has broken down after consolidation. During the week the index manages to hit a high of 27754 and close the week around the levels of 27454.

Minor support for the index lies in the zone of 27300 to 27400. Support for the index lies in the zone 26600 to 26700 where Fibonacci levels 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 26200 to 26300 where Fibonacci levels and long term moving averages are lying.

Resistance for the index lies in the zone of 27700 to 27900 from where the index has broken down after consolidation. If the index manages to close above these levels then the index can move to the levels of 28300 to 28400 where the index has formed a high in the month of August-2018.

Range for the week is seen from 26700 to 26800 on downside & 27900 to 28000 on upside.