EquityPandit’s Outlook for Nifty Bank for the week  (Oct 01, 2018 – Oct 05, 2018):

NIFTY BANK:

Nifty Bank closed the week on negative note losing around 1.90%.

As we have mentioned, last week that minor support for the index lies around 25400 to 25500. Support for the index lies in the zone 25000 to 25100 from where the index has broken out in the month of April-2018. If the index manages to close below these levels then the index can drift to the levels of 24500 to 24600. During the week the index manages to hit a low of 24678 and close the week around the levels of 25120.

Minor support for the index lies around 25000 to 25100. Support for the index lies in the zone 24500 to 24700 from where the index broke out in the month of April-2018. If the index manages to close below these levels then the index can drift to the levels of 23900 to 24100 where low for the month of April-2018 is lying.

Minor resistance for the index lies around 25400 to 25500. Resistance for the index lies in the zone of 26000 to 26100 where Fibonacci levels 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 26500 to 26600 where Fibonacci levels are lying.

Range for the week is seen from 24000 to 24100 on downside & 26000 to 26100 on upside.