EquityPandit’s Outlook for Bank Nifty for the week (November 02, 2015 – November 06, 2015):

BANK NIFTY:

Bank Nifty ended the week on negative note losing around 3.3%.

As we have mentioned last week that the index has closed above the resistance zone of 17880 where 100 Daily SMA is positioned. If the index manages to close above the levels of 18000 then the index can move to the levels of 18300 to 18500 where 100 & 200 Daily SMA and channel resistance for the index are positioned. During the week the index manages to hit a high of 18029 and sold off to close the week around the levels of 17339.

Support for the index lies in the zone of 16800 to 17000 where channel support for the index is lying. If the index breaks below this levels on closing basis then the index can drift to the levels of 16000 where trend-line and channel support for the index is positioned.

Resistance for the index lies in the zone of 17700 to 17900 where trend-line and 100 Daily SMA are positioned. If the index manages to close above the levels of 18000 then the index can move to the levels of 18300 to 18500 where 100 & 200 Daily SMA and channel resistance for the index are positioned.

Range for the week is seen from 16600 to 16800 on downside to 18000 to 18200 on upside.