EquityPandit’s Outlook for Nifty Bank for the week (May 16, 2016 – May 20, 2016):

NIFTY BANK:

Nifty Bank ended the week on positive note gaining around 2.60%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 16962 and close the week around the levels of 16714.

Minor support for the index lies in the zone of 16200. Support for the index lies in the zone of 15800 to 16000 where 100 Daily SMA are lying. If the index manages to close below these levels then the index can drift to the levels of 15400 to 15500 from where the index has bounced in the month of April – 2016.

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 15700 to 15900 on downside to 16800 to 17000 on upside.