EquityPandit’s Outlook for Nifty Bank for the week (April 11, 2016 – April 13, 2016):

NIFTY BANK:

Nifty Bank ended the week on negative note losing around 3.60%.

As we have mentioned last week that 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 these 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. During the week the index manages to hit a high of 16278 and sold off to close the week around the levels of 15590.

Minor support for the index lies in the range of 15400 to 15500. If the index manages to close below these levels then the index can drift to the levels of 15000 to 15200 where short term moving averages are lying.

Minor resistance for the index lies in the zone of 15800 to 16000. 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 these 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 15000 to 15200 on downside to 15800 to 16000 on upside.