EquityPandit’s Outlook for Nifty Bank for the week (January 04, 2016 – January 08, 2016):

NIFTY BANK:

Nifty Bank ended the week on positive note gaining around 1.30%.

As we have mentioned last week that resistance for the index lies in the zone of 16900 to 17100 where short term moving averages are lying. If the index manages to close above this levels then the index can move to the levels of 17400 where 100 Daily SMA is positioned. During the week the index manages to hit a high of around 17067 and virtually close at the highest levels.

Support for the index lies in the zone of 16500 where neckline of the Head & Shoulder pattern and 100 Weekly SMA are positioned. If the index closes below this levels then the index can drift to the levels of 15800 to 16000 where trend-line and 500 Daily SMA are lying.

Index has closed around the strong resistance zone of 16900 to 17100 where short term moving averages are lying. If the index manages to close above this levels then the index can move to the levels of 17300 where 100 Daily SMA is positioned.

Range for the week is seen from 16500 to 16700 on downside to 17300 to 17500 on upside.