EquityPandit’s Outlook for Nifty Bank for the week (March 28, 2016 – April 01, 2016):

NIFTY BANK:

Nifty Bank ended the week on positive note gaining around 1.50%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 15968 and close the week around the levels of 15888.

Minor support for the index lies in the zone of 15600 to 15800 where the index has made a low in the month of September – 2015. Support for the index lies in the zone of 15000 to 15200 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.

Resistance for the index lies in the zone of 16000 where 100 Daily SMA is lying. If the index manages to close above this levels then the index can move to the levels of 16300 to 16400 where the index has opened the gap down on 07/01/2016.

Range for the week is seen from 15300 to 15500 on downside to 16200 to 16300 on upside.