EquityPandit’s Outlook for Bank Nifty for the week (October 26, 2015 – October 30, 2015):

BANK NIFTY:

Bank Nifty ended the week on absolutely flat note.

As we have mentioned last week that the index has closed around the resistance zone of 18000 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 18000 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 17980 and close the week around the levels of 17935.

Support for the index lies in the zone of 17500 to 17700. If the index closes below this levels then the index can move to the levels of 16800 to 17000 where channel support for the index is lying.

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.

Range for the week is seen from 17500 to 17700 on downside to 18300 to 18500 on upside.