EquityPandit’s Outlook for Nifty Bank for the week  (Sep 03, 2018 – Sep 07, 2018):

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 0.80%.

As we have mentioned, last week that resistance for the index lies in the zone of 27900 to 28000 from where the index broke out of July-2018 high. If the index manages to close above these levels then the index can move to the levels of 28400 to 28500 where Fibonacci extension levels are lying. During the week the index manages to hit a high of 28389 and close the week around the levels of 28062.

Minor support for the index lies around 27900 to 28000. Support for the index lies in the zone 27500 to 27600 from where the index broke out of January-2018 high 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 27100 to 27200 from where the index broke out of double top pattern.

Resistance for the index lies in the zone of 28400 to 28500 where Fibonacci extension levels are lying. If the index manages to close above these levels then the index can move to the levels of 28800 to 28900.

Range for the week is seen from 27500 to 27600 on downside & 28600 to 28700 on upside.