EquityPandit’s Outlook for Nifty Bank for the week (April 04, 2016 – April 08, 2016):

NIFTY BANK:

Nifty Bank ended the week on positive note gaining around 1.70%.

As we have mentioned last week that minor support for the index lies in the zone of 15600 to 15800 where the index has made a low in the month of September – 2015. Support for the index lies in the zone of 15000 to 15200 where short term moving averages are lying. If the index manages to close below this levels then the index can drift to the levels of 14750 where the index has opened with a gap up on 02-03-2016. During the week the index manages to hit a low of 15522 and bounce to close the week around the levels of 16165.

Support for the index lies in the zone of 15700 to 15900 where 100 Daily SMA is lying. If the index manages to close below this levels then the index can drift to the levels of 15000 to 15200 where short term moving averages are lying.

Resistance for the index lies in the zone of 16300 to 16400 where the index has opened the gap down on 07/01/2016. If the index manages to close above this levels then the index can move to the levels of 16800 to 17000 where 200 & 500 Daily SMA and trend-line joining earlier highs is lying.

Range for the week is seen from 15300 to 15500 on downside to 16500 to 16700 on upside.