EquityPandit’s Outlook for Nifty Bank for the week  (Nov 12, 2018 – Nov 16, 2018):

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 0.30%.

As we have mentioned, last week that resistance for the index lies in the zone of 25900 to 26100 where low for the month of June-2018 & July-2018 and short & long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 26400 to 26500 where Fibonacci levels and medium term moving averages are lying. During the week the index manages to hit a high of 25861 and close the week around the levels of 25771.

Minor support for the index lies around 25500 to 25600. Support for the index lies in the zone 25000 to 25200 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 24200 to 24300 where the index has formed a double bottom in the month of October-2018.

Resistance for the index lies in the zone of 25900 to 26100 where low for the month of June-2018 & July-2018 and long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 26400 to 26500 where Fibonacci levels and medium term moving averages are lying.

Range for the week is seen from 25000 to 25200 on downside & 26200 to 26400 on upside.