EquityPandit’s Outlook for Nifty Bank for the week (November 01, 2016 – November 04, 2016) :

NIFTY BANK:

Nifty Bank ended the week on negative note losing around 0.80%.

As we have mentioned last week that resistance for the index lies in the zone of 19700 to 19800 from where the index has broken down. If the index manages to close above these levels then the index can move to the levels of 20200 to 20400 where the index has made a top in the month of September – 2016. During the week the index manages to hit a high of 19923 and close the week around the levels of 19556.

Minor support for the index lies in the zone of 19400 to 19500. Support for the index lies in the zone of 19000 to 19100 from where the index has broken out of the 4 weeks of consolidation and medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 18500 where the index has formed a base in the month of July – 2016 and August – 2016.

Resistance for the index lies in the zone of 19700 to 19800 from where the index has broken down. If the index manages to close above these levels then the index can move to the levels of 20200 to 20400 where the index has made a top in the month of September – 2016.

Range for the week is seen from 19000 to 19100 on downside to 20200 to 20300 on upside.