EquityPandit’s Outlook for Nifty Bank for the week  (Feb 12, 2018 – Feb 16, 2018):

NIFTY BANK:

Nifty Bank closed the week on negative note losing around 3.70%.

As we have mentioned, last week that support for the index lies in the zone of 26400 to 26500 where break out levels are lying. If the index manages to close below these levels then the index can drift to the levels of 25700 to 25800 where break out levels and short term moving averages are lying. During the week the index manages to hit a low of 25024 and close the week around the levels of 25480.

Support for the index lies in the zone of 25000 to 25100 from where the index broke out of triple top pattern. If the index manages to close below these levels then the index can drift to the levels of 24400 to 24500 where long term moving averages are lying.

Minor resistance for the index lies in the zone of 25700 to 25800. Resistance for the index lies in the zone of 26200 to 26300 from where the index has opened gap down. If the index manages to close above these levels then the index can move to the levels of 26700 to 26900 where trend-line joining earlier highs is lying.

Range for the week is seen from 24400 to 24500 on downside & 26200 to 26300 on upside.