EquityPandit’s Outlook for Nifty Bank for the week (January 18, 2016 – January 22, 2016):

NIFTY BANK:

Nifty Bank ended the week on negative note losing around 5.80%.

As we have mentioned last week that support for the index lies in the zone of 15700 to 15800 where the index has formed a bottom in the month of Sep – 2015. If the index closes below this levels then the index can drift to the levels of 14800 to 15300 where the channel support for the index is positioned. During the week the index manages to hit a low of 15154 and close the week around the lowest levels.

Support for the index lies in the zone of 14800 to 15300 where the channel support for the index is positioned. If the index manages to close below this levels then the index can drift to the levels of 13800 to 14200 where 1000 Daily SMA and 200 Weekly SMA are positioned.

Resistance for the index lies in the zone of 15800 to 16000 from where the index has broken down the medium term bottom. If the index manages to close above this levels then the index can move to the levels of 16300 to 16500 where 500 Daily SMA and 100 Weekly SMA are positioned.

Range for the week is seen from 14200 to 14500 on downside to 15800 to 16000 on upside.