EquityPandit’s Outlook for Nifty Bank for the week (March 20, 2017 – March 24, 2017) :

NIFTY BANK:

Nifty Bank ended the week on positive note gaining around 2.20%.

As we have mentioned last week that resistance for the index lies in the zone of 20900 to 21000 where the index had made a life time highs. If the index manages to close above these levels for couple of days then the index can move to the levels of 21500 to 21600. During the week the index manages to hit a high of 21336 and close the week around the levels of 21175.

Support for the index lies in the zone of 20900 to 21000 from where the index broke out on gap up opening. If the index manages to close below these levels then the index can drift to the levels of 20500 to 20600 where the index has taken multiple support.

Resistance for the index lies in the zone of 21275 to 21350 where the index is facing resistance. If the index manages to close above these levels for couple of days then the index can move to the levels of 21700 to 21800.

Range for the week is seen from 20500 to 20600 on downside & 21500 to 21600 on upside.