EquityPandit’s Outlook for Nifty Bank for the week  (May 14, 2018 – May 18, 2018):

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 3.00%.

As we have mentioned, last week that resistance for the index lies in the zone of 25600 to 25650 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 26000 to 26100 where Fibonacci levels and Gap are lying. During the week the index manages to hit a high of 26437 and close the week around the levels of 26413.

Support for the index lies in the zone 26000 to 26100 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 25500 to 25600 where Fibonacci levels and short term moving averages are lying.

Minor resistance lies around the zone of 26600 to 26700. Resistance for the index lies in the zone of 26900 to 27000 from where the index broke down after consolidation. If the index manages to close above these levels then the index can move to the levels of 27500 to 27600 where the index has formed a top in the month of January-2018.

Range for the week is seen from 25500 to 25700 on downside & 27500 to 27600 on upside.