Nifty Bank Outlook for the Week (Jan 22, 2018 – Jan 25, 2018)

EquityPandit’s Outlook for Nifty Bank for the week  (Jan 22, 2018 – Jan 25, 2018):

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 4.60%.

As we have mentioned, last week that resistance for the index lies in the zone of 25900 to 26000 where the index has formed a top in the month of November-2017. If the index manages to close above these levels then the index can move to the levels of 26300 to 26400. During the week the index manages to hit a high of 26958 and close the week around the levels of 26942.

Minor support for the index lies in the zone of 26300 to 26400. Support for the index lies in the zone of 25700 to 25800 where break out levels 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 25000 to 25100 from where the index broke out of triple top pattern.

Resistance for the index lies in the zone of 27100 to 27200 where target for the break out is lying. If the index manages to close above these levels then the index can move to the levels of 27400 to 27500 where trend-line joining earlier highs is lying.

Range for the week is seen from 26400 to 26500 on downside & 27400 to 27500 on upside.

MORE WILL UPDATE SOON!!