EquityPandit’s Outlook for Nifty Bank for the week  (July 24, 2017 – July 28, 2017) :

NIFTY BANK:

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

As we have mentioned, last week that 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. During the week the index manages to hit a high of 24299 and close the week around the levels of 24257.

Minor support for the index lies in the zone of 23900 to 24000. Support for the index lies in the zone of 23400 to 23500 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 24250 to 24300. 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 23700 to 23800 on downside & 24600 to 24700 on upside.