EquityPandit’s Outlook for Nifty Bank for the week  (Mar 12, 2018 – Mar 16, 2018):

NIFTY BANK:

Nifty Bank closed the week on negative note losing around 2.40%.

As we have mentioned, last week that the index has closed around the support zone of 24900 to 25000 from where the index broke out of triple top pattern and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 24200 to 24300 where Fibonacci levels are lying. During the week the index manages to hit a low of 24048 and close the week around the levels of 24296.

Support for the index lies in the zone of 24200 to 24300 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 23500 to 23600 where the index has formed a bottom in the month of September-2017.

Minor resistance for the index lies in the zone of 24700 to 25800. Resistance for the index lies in the zone of 25000 to 25100 where break down levels are lying. If the index manages to close above these levels then the index can move to the levels of 25500 to 25600 where short & medium term moving averages are lying.

Range for the week is seen from 23700 to 23800 on downside & 24700 to 24800 on upside.