EquityPandit’s Outlook for Nifty Bank for the week (May 02, 2016 – May 06, 2016):

NIFTY BANK:

Nifty Bank ended the week on positive note gaining around 0.40%.

As we have mentioned last week that the index has closed around the strong resistance zone of 16800 to 17000 where 200 & 500 Daily SMA and trend-line joining earlier highs is lying. If the index manages to close above these levels then the index can move to the levels of 17100 from where the index sold off in the month of Jan – 2016. During the week the index manages to hit a high of 17030 and close the week around the levels of 16767.

Minor support for the index lies in the zone of 16400 to 16500 where the index has opened gap up on 21/04/2016. If the index manages to close below these levels then the index can drift to the levels of 15800 to 16000 where 100 Daily SMA are lying.

Strong resistance zone for the index lies in the range of 16800 to 17000 where 200 & 500 Daily SMA and trend-line joining earlier highs is lying. If the index manages to close above these levels then the index can move to the levels of 17100 from where the index sold off in the month of Jan – 2016.

Range for the week is seen from 16300 to 16400 on downside to 17100 to 17200 on upside.