EquityPandit’s Outlook for Nifty Bank for the week  (Apr 09, 2018 – Apr 13, 2018):

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 2.50%.

As we have mentioned, last week that resistance for the index lies in the zone of 24300 to 24400 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 24900 to 25000 where long term moving averages are lying. During the week the index manages to hit a high of 24933 and close the week around the levels of 24873.

Support for the index lies in the zone of 24500 to 24600 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 24000 to 24100 where break out levels are lying.

Resistance for the index lies in the zone of 24900 to 25000 where long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 25250 to 25350 where the index has formed a gap and short & medium term moving averages are lying.

Range for the week is seen from 24300 to 24400 on downside & 25200 to 25300 on upside.