EquityPandit’s Outlook for Nifty Bank for the week  (Jan 29, 2018 – Feb 02, 2018):

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 1.90%.

As we have mentioned, last week that resistance for the index lies in the zone of 27100 to 27200 where target for the break out is lying. If the index manages to close above these levels then the index can move to the levels of 27400 to 27500 where trend-line joining earlier highs is lying. During the week the index manages to hit a high of 27522 and close the week around the levels of 27423.

Minor support for the index lies in the zone of 27000 to 27100. 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.

Resistance for the index lies in the zone of 27400 to 27500 where trend-line joining earlier highs is lying. If the index manages to close above these levels then the index can move to the levels of 27900 to 28000.

Range for the week is seen from 26400 to 26500 on downside & 28400 to 28500 on upside.