EquityPandit’s Outlook for Nifty Bank for the week  (May 08, 2017 – May 12, 2017) :

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 1.10%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 22854 and close the week around the levels of 22605.

Minor support for the index lies in the zone of 22450 to 22500. 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 22800 to 22900. If the index manages to close above these levels then the index can move to the levels of around 23300 to 23400.

Range for the week is seen from 22000 to 22100 on downside & 23000 to 23100 on upside.