EquityPandit’s Outlook for Nifty Bank for the week (April 25, 2016 – April 29, 2016):

NIFTY BANK:

Nifty Bank ended the week on positive note gaining around 2.70%.

As we have mentioned last week that minor support for the index lies in the zone of 15950 to 16050 where the index has opened gap up on 13/04/2016. If the index manages to close below these levels then the index can drift to the levels of 15500 to 15700 where short term moving averages and 100 Daily SMA are lying. During the week the index manages to hit a low of 16012 and bounce to close the week around the levels of 16720.

Minor support for the index lies in the zone of 16300 to 16400 where the index has opened gap up on 21/04/2016. If the index manages to close below these levels then the index can drift to the levels of 15800 to 16000 where 100 Daily SMA are lying.

The index has closed around the strong resistance zone of 16800 to 17000 where 200 & 500 Daily SMA and trend-line joining earlier highs is lying. If the index manages to close above these levels then the index can move to the levels of 17100 from where the index sold off in the month of Jan – 2016.

Range for the week is seen from 16300 to 16400 on downside to 17000 to 17100 on upside.