EquityPandit’s Outlook for Nifty Bank for the week  (Feb 4, 2019 – Feb 8, 2019):

NIFTY BANK:

Nifty Bank closed the week on absolutely flat note.

As we have mentioned, last week that minor resistance for the index lies in the zone of 27400 to 27500. 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. During the week the index manages to hit a high of 27533 and close the week around the levels of 27086.

Support for the index lies in the zone 26800 to 26900 where Fibonacci levels and short & medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 26300 to 26400 where Fibonacci levels and long term moving averages are lying.

Minor resistance for the index lies in the zone of 27400 to 27500. 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 26500 to 26600 on downside & 27500 to 27600 on upside.