EquityPandit’s Outlook for Nifty Bank for the week (June 20, 2016 – June 24, 2016):

NIFTY BANK:

Nifty Bank ended the week on negative note losing around 0.70%.

As we have mentioned last week that minor support for the index lies in the zone of 17500. Support for the index lies in the zone of 17000 from where the index has broken out of the double top formation. If the index manages to close below these levels then the index can drift to the levels of 16500 where 200 Daily SMA is lying. During the week the index manages to hit a low of 17528 and close the week around the levels of 17696.

Minor support for the index lies in the zone of 17500. Support for the index lies in the zone of 17000 from where the index has broken out of the double top formation. If the index manages to close below these levels then the index can drift to the levels of 16500 where 200 Daily SMA is lying.

Resistance for the index lies in the zone of 18100 to 18200 where the index has created gap on gap down opening in the month of Aug – 2015. If the index manages to close above these levels then the index can move to the levels of 19000.

Range for the week is seen from 17100 to 17200 on downside to 18200 to 18300 on upside.