EquityPandit’s Outlook for Nifty Bank for the week (December 21, 2015 – December 24, 2015):

NIFTY BANK:

Nifty Bank ended the week on positive note gaining around 1.60%.

As we have mentioned last week that the support for the index lies in the zone of 15800 to 16000 where trend-line and 500 Daily SMA are lying. If the index closes below this levels then the index can drift to the levels of 15100 where trend-line joining earlier lower lows is positioned. During the week the index manages to hit a low of 16188 and bounce to close the week around the levels of 16600.

Support for the index lies in the zone of 16500 where neckline of the Head & Shoulder pattern and 100 Weekly SMA are positioned. If the index closes below this levels then the index can drift to the levels of 15800 to 16000 where trend-line and 500 Daily SMA are lying.

Resistance for the index lies in the zone of 16800 to 17000 where short term moving averages are lying. If the index manages to close above this levels then the index can move to the levels of 17500 where 100 Daily SMA is positioned.

Range for the week is seen from 16000 to 16200 on downside to 16900 to 17100 on upside.