EquityPandit’s Outlook for Nifty Bank for the week  (Feb 18, 2019 – Feb 22, 2019):

NIFTY BANK:

Nifty Bank closed the week on negative note losing around 1.80%.

As we have mentioned, last week that minor support for the index lies in the zone of 27100 to 27200. Support for the index lies in the zone 26800 to 26900 where Fibonacci levels and short & medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 26300 to 26400 where Fibonacci levels and long term moving averages are lying. During the week the index manages to hit a low of 26635 and close the week around the levels of 26794.

Support for the index lies in the zone 26700 to 26800 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 26300 to 26400 where Fibonacci levels and long term moving averages are lying.

Minor resistance for the index lies in the zone of 27000 to 27100. Resistance for the index lies in the zone of 27300 to 27400 where 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 26200 to 26400 on downside & 27200 to 27400 on upside.