EquityPandit’s Outlook for Nifty Bank for the week  (Aug 27, 2018 – Aug 31, 2018):

NIFTY BANK:

Nifty Bank closed the week on negative note losing around 1.00%.

As we have mentioned, last week that support for the index lies in the zone 27900 to 28000 from where the index broke out of July-2018 high. If the index manages to close below these levels then the index can drift to the levels of 27500 to 27600 from where the index broke out of January-2018 high. During the week the index manages to hit a low of 27783 and close the week around the levels of 27835.

Support for the index lies in the zone 27500 to 27600 from where the index broke out of January-2018 high and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 27100 to 27200 from where the index broke out of double top pattern.

Resistance for the index lies in the zone of 27900 to 28000 from where the index broke out of July-2018 high. If the index manages to close above these levels then the index can move to the levels of 28400 to 28500 where Fibonacci extension levels are lying.

Range for the week is seen from 27400 to 27500 on downside & 28400 to 28500 on upside.