EquityPandit’s Outlook for Nifty Bank for the week  (July 17, 2017 – July 21, 2017) :

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 2.10%.

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 23964 and close the week around the levels of 23938.

Minor support for the index lies in the zone of 23700 to 23750. Support for the index lies in the zone of 23250 to 23350 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 22800 to 22900 where break out levels for the index is lying.

The index is trading at life time highs so virtually no resistance is visible. Resistance for the index lies in the zone of 24150 to 24250. If the index manages to close above these levels then the index can move to the levels of 24500 to 24600.

Range for the week is seen from 23500 to 23600 on downside & 24500 to 24600 on upside.