EquityPandit’s Outlook for Nifty Bank for the week  (July 31, 2017 – Aug 04, 2017) :

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 2.30%.

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 24250 to 24300. 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 25032 and close the week around the levels of 24811.

Minor support for the index lies in the zone of 24500 to 24600. Support for the index lies in the zone of 23800 to 23900 from where the index broke out of June-2017 highs 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 23300 to 23400 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 25000 to 25100. If the index manages to close above these levels then the index can move to the levels of 25300 to 25400 where channel resistance for the index is lying.

Range for the week is seen from 24000 to 24100 on downside & 25400 to 25500 on upside.