EquityPandit’s Outlook for Nifty Bank for the week (December 07, 2015 – December 11, 2015):

NIFTY BANK:

Nifty Bank ended the week on negative note losing around 2.60%.

As we have mentioned last week that the support for the index lies in the zone of 17100 to 17200 where short term moving averages are positioned. If the index closes below this levels then the index can drift to the levels of 16800 where trend-line support for the index is positioned. During the week the index manages to hit a low of 16880 and virtually close at the lowest levels.

Support for the index lies in the zone of 16600 to 16800 from where the index has bounced twice in last 2 months. If the index closes below this levels then the index can drift to the levels of 16000 to 16100 where 500 Daily SMA and 100 Weekly SMA are positioned.

Resistance for the index lies in the zone of 17150 to 17250 where short term moving averages are positioned. If the index manages to close above this levels then the index can move to the levels of 17600 where 100 Daily SMA is lying.

Range for the week is seen from 16500 to 16600 on downside to 17200 to 17300 on upside.