EquityPandit’s Outlook for Nifty Bank for the week  (Mar 05, 2019 – Mar 08, 2019):

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 0.70%.

As we have mentioned, last week that support for the index lies in the zone 26700 to 26800 where Fibonacci levels and 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. During the week the index manages to hit a low of 26719 and close the week around the levels of 27044.

Minor support for the index lies in the zone of 26700 to 26800. Support for the index lies in the zone 26500 to 26600 where low for the month of February-2019 and long 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 low for the month of January-2019 are lying.

Minor resistance for the index lies in the zone of 27100 to 27200. Resistance for the index lies in the zone of 27350 to 27450 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 27600 to 27700 where high for the month of January-2019 and February-2019 are lying.

Range for the week is seen from 26400 to 26600 on downside & 27400 to 27600 on upside.