EquityPandit’s Outlook for Nifty Bank for the week  (May 02, 2017 – May 05, 2017) :

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 3.70%.

As we have mentioned last week that resistance for the index lies in the zone of 21700 to 21800 where the index has formed a top in the month of March-2017. If the index manages to close above these levels then the index can move to the levels of 22100 to 22200 where Fibonacci extension is lying. During the week the index manages to hit a high of 22383 and close the week around the levels of 22358.

Support for the index lies in the zone of 21900 to 22000 from where the index broke out of April-2017 highs. If the index manages to close below these levels then the index can drift to the levels of 21400 to 21500 where the index has taken multiple support.

Resistance for the index lies in the zone of 22450 to 22550. If the index manages to close above these levels then the index can move to the levels of around 22800 to 22900.

Range for the week is seen from 21800 to 21900 on downside & 22800 to 22900 on upside.