EquityPandit’s Outlook for Nifty Bank for the week  (Jan 01, 2018 – Jan 05, 2018):

NIFTY BANK:

Nifty Bank closed the week on negative note losing around 0.40%.

As we have mentioned, last week that minor support for the index lies in the zone of 25400 to 25500. 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 24500 to 24600 where break out gap for the index is lying. During the week the index manages to hit a low of 25417 and close the week around the levels of 25539.

Minor support for the index lies in the zone of 25400 to 25500. 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 24500 to 24600 where break out gap for the index is lying.

Resistance for the index lies in the zone of 25900 to 26000 where the index has formed a top in the month of November-2017. If the index manages to close above these levels then the index can move to the levels of 26300 to 26400.

Range for the week is seen from 25100 to 25200 on downside & 26000 to 26100 on upside.