EquityPandit’s Outlook for Bank Nifty for the week (October 05, 2015 – October 09, 2015):

BANK NIFTY:

Bank Nifty ended the week on absolutely flat note.

As we have mentioned last week that support for the index lies in the zone of 16500 to 16750. If the index closes below this levels then the index can move to the levels of 15750 to 16000. During the week the index manages to hit a low of 16648 and bounce back to close the week around the levels of 17151.

The index has been facing stiff resistance around the levels of 17500 to 17600. If the index manages to move above the levels of 17600 on closing basis then the index can move to the levels of 18000 to 18500 where 100 and 200 Daily SMA are positioned.

Support for the index lies in the zone of 16500 to 16750. If the index closes below this levels then the index can move to the levels of 15750 to 16000 where 500 Daily SMA and 100 Weekly SMA are positioned.

On daily charts the index is forming a Inverse Head & Shoulder pattern in which the neckline is positioned around the levels of 17500 to 17600. If the index manages to close above this levels with heavy volumes then the index can move to the levels of 18000 to 18500. Targets for this pattern can be in the range of 19000.

Range for the week is seen from 16000 to 16500 on downside to 17500 to 18000 on upside.