EquityPandit’s Outlook for Nifty Bank for the week  (June 12, 2017 – June 16, 2017) :

NIFTY BANK:

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

As we have mentioned last week that resistance for the index lies in the zone of 23450 to 23500. If the index manages to close above these levels then the index can move to the levels of around 23700 to 23800 where Fibonacci levels are lying. During the week the index manages to hit a high of 23709 and close the week around the levels of 23691.

Minor support for the index lies in the zone of 23450 to 23500. Support for the index lies in the zone of 22900 to 23000 from where the index broke out after consolidation. If the index manages to close below these levels then the index can drift to the levels of 22400 to 22500 where short term moving averages and break out levels for the index is lying.

Resistance for the index lies in the zone of 23700 to 23800 where Fibonacci levels are lying. 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 23300 to 23400 on downside & 24100 to 24200 on upside.