EquityPandit’s Outlook for Nifty Bank for the week  (July 10, 2017 – July 14, 2017) :

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 1.00%.

As we have mentioned, last week that minor resistance for the index lies in the zone of 23400 to 23500. Resistance for the index lies in the zone of 23700 to 23800 where the index has formed a top in the month of June-2017. If the index manages to close above these levels then the index can move to the levels of around 24150 to 24250. During the week the index manages to hit a high of 23540 and close the week around the levels of 23449.

Minor support for the index lies in the zone of 23200 to 23300. Support for the index lies in the zone of 22900 to 23000 from where the index broke out after consolidation 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 22400 to 22500 where break out levels and Fibonacci levels for the index is lying.

Minor resistance for the index lies in the zone of 23400 to 23500. Resistance for the index lies in the zone of 23700 to 23800 where the index has formed a top in the month of June-2017. If the index manages to close above these levels then the index can move to the levels of around 24150 to 24250.

Range for the week is seen from 23000 to 23100 on downside & 24000 to 24100 on upside.