EquityPandit’s Outlook for Bank Nifty for the week (November 09, 2015 – November 13, 2015):

BANK NIFTY:

Bank Nifty ended the week on negative note losing around 1.4%.

As we have mentioned last week that the 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. During the week the index manages to hit a low of 16911 and bounce to close the week around the levels of 17114.

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 17500 where short term moving averages are positioned. If the index manages to close above the levels of 17500 then the index can move to the levels of 18000 where 100 Daily SMA are positioned.

Range for the week is seen from 16300 to 16500 on downside to 17500 to 17700 on upside.