EquityPandit’s Outlook for Nifty Bank for the week  (May 28, 2018 – June 01, 2018):

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 1.60%.

As we have mentioned, last week that support for the index lies in the zone 25500 to 25600 where Fibonacci levels and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 25000 to 25100 where Fibonacci levels and medium & long term moving averages are lying. During the week the index manages to hit a low of 25622 and close the week around the levels of 26286.

Minor support lies around the zone of 25900 to 26000. Support for the index lies in the zone 25500 to 25600 where Fibonacci levels and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 25000 to 25100 where Fibonacci levels and medium & long term moving averages are lying.

Minor resistance lies around the zone of 26400 to 26500.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 25600 on downside & 26600 to 26700 on upside.