EquityPandit’s Outlook for Nifty Bank for the week  (June 04, 2018 – June 08, 2018):

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 1.60%.

As we have mentioned, last week that minor support lies around the zone of 25900 to 26000. Support for the index lies in the zone 25500 to 25600 where Fibonacci levels 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 25000 to 25100 where Fibonacci levels and medium & long term moving averages are lying. During the week the index manages to hit a low of 25981 and close the week around the levels of 26693.

Minor support lies around the zone of 26400 to 26500. Support for the index lies in the zone 25900 to 26000 where Fibonacci levels 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 25500 to 25600 where Fibonacci levels and medium term moving averages are lying.

Resistance for the index lies in the zone of 26900 to 27000 from where the index broke down after consolidation. If the index manages to close above these levels then the index can move to the levels of 27500 to 27600 where the index has formed a top in the month of January-2018.

Range for the week is seen from 26000 to 26100 on downside & 27000 to 27100 on upside.