EquityPandit’s Outlook for Nifty Bank for the week  (Oct 15, 2018 – Oct 19, 2018):

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 3.90%.

As we have mentioned, last week that minor resistance for the index lies around 24800 to 25000. Resistance for the index lies in the zone of 25500 to 25600 from where the index has broken down from May-2018 lows. If the index manages to close above these levels then the index can move to the levels of 26000 to 26100 where low for the month of June-2018 & July-2018 and long term moving averages are lying. During the week the index manages to hit a high of 25484 and close the week around the levels of 25396.

Minor support for the index lies around 24800 to 25000. Support for the index lies in the zone 24100 to 24200 where short term bottom has been formed. If the index manages to close below these levels then the index can drift to the levels of 23600 to 23700 where the index has formed a low in the month of March-2018.

Resistance for the index lies in the zone of 25500 to 25600 from where the index has broken down from May-2018 lows. If the index manages to close above these levels then the index can move to the levels of 26000 to 26100 where low for the month of June-2018 & July-2018 and long term moving averages are lying.

Range for the week is seen from 24500 to 24600 on downside & 26000 to 26100 on upside.