EquityPandit’s Outlook for Nifty Bank for the week (September 26, 2016 – September 30, 2016) :

NIFTY BANK:

Nifty Bank ended the week on absolutely flat note.

As we have mentioned last week that minor resistance for the index lies in the zone of 20200 to 20250. Resistance for the index lies in the zone of 20500 to 20600. If the index manages to close above these levels then the index can move to the levels of 20900 to 21000 where life time high of the index is lying. During the week the index manages to hit a high of 20265 and close the week around the levels of 19902.

Minor support for the index lies in the zone of 19700 to 19750. Support for the index lies in the zone of 19500 to 19550 from where the index broke out of the top made in the month of August – 2016. If the index manages to close below these levels then the index can drift to the levels of 19000 to 19100 from where the index has broken out of the 4 weeks of consolidation.

Minor resistance for the index lies in the zone of 20200 to 20250. Resistance for the index lies in the zone of 20500 to 20600. If the index manages to close above these levels then the index can move to the levels of 20900 to 21000 where life time high of the index is lying.

Range for the week is seen from 19400 to 19500 on downside to 20300 to 20400 on upside.