EquityPandit’s Outlook for Nifty Bank for the week  (Jan 28, 2019 – Feb 1, 2019):

NIFTY BANK:

Nifty Bank closed the week on negative note losing around 1.20%.

As we have mentioned, last week that minor support for the index lies in the zone of 27200 to 27300. Support for the index lies in the zone 26800 to 26900 where Fibonacci levels and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 26200 to 26300 where Fibonacci levels and long term moving averages are lying. During the week the index manages to hit a low of 27045 and close the week around the levels of 27115.

Support for the index lies in the zone 26800 to 26900 where Fibonacci levels and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 26200 to 26300 where Fibonacci levels and long term moving averages are lying.

Minor resistance for the index lies in the zone of 27400 to 27500. Resistance for the index lies in the zone of 27700 to 27900 from where the index has broken down after consolidation. If the index manages to close above these levels then the index can move to the levels of 28300 to 28400 where the index has formed a high in the month of August-2018.

Range for the week is seen from 26500 to 26600 on downside & 27500 to 27600 on upside.