EquityPandit’s Outlook for Nifty Bank for the week (March 21, 2016 – March 23, 2016):

NIFTY BANK:

Nifty Bank ended the week on positive note gaining around 3.20%.

As we have mentioned last week that resistance for the index lies in the zone of 15600 to 15800 where the index has made a low in the month of September – 2015. If the index manages to close above this levels then the index can move to the levels of 16200 where 100 Daily SMA is lying. During the week the index manages to hit a high of 15705 and close around the levels of 15650.

Support for the index lies in the zone of 15000 where short term moving averages are lying. If the index manages to close below this levels then the index can drift to the levels of 14750 where the index has opened with a gap up on 02-03-2016.

The index has closed around the resistance zone of 15600 to 15800 where the index has made a low in the month of September – 2015. If the index manages to close above this levels then the index can move to the levels of 16000 where 100 Daily SMA is lying.

Range for the week is seen from 15000 to 15100 on downside to 15900 to 16000 on upside.