EquityPandit’s Outlook for Nifty Bank for the week  (Dec 31, 2018 – Jan 04, 2018):

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 1.00%.

As we have mentioned, last week that support for the index lies in the zone 26300 to 26500 where Fibonacci levels and medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 25800 to 26000 from where the index broke out of October-2018 high and Fibonacci levels are lying. During the week the index manages to hit a low of 26408 and close the week around the levels of 27125.

Minor support for the index lies in the zone of 26800 to 26900. Support for the index lies in the zone 26300 to 26500 where Fibonacci levels and medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 25800 to 26000 from where the index broke out of October-2018 high and Fibonacci levels are lying.

Resistance for the index lies in the zone of 27300 to 27500 from where the index has broken down in the month of August-2018 and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 27700 to 27900 from where the index has broken down after consolidation.

Range for the week is seen from 26500 to 26700 on downside & 27500 to 27700 on upside.