BANK NIFTY WEEKLY OUTLOOK (07-11 NOV,2016)

For Educational Purpose Only.

Nifty Bank ended the last week on week note.

Now What's Next:

Support for the index lies Between of 19000 to 19100 where Short term Moving Average are lying. If the index manages to close below these levels then the index might see levels of 18500 where the index has formed a base in July – 2016 and August – 2016. If the index breaks below these levels, then the index will see further fall which might be till 18050 to 18200 .

Resistance for the index lies between 19400 to 19500 where the index has formed a gap on 02/11/2016. Resistance for the index lies in the zone of 19700 to 19800 from where the index has broken down. If index moves above these levels, then we might see levels of 20,000 in Bank Nifty.Range for the week is seen from 18200 to 18300 on downside to 19400 to 19500 on upside.Once index moves above these levels, then we may see fresh rally in Bank Nifty which might help Bank Nifty to see level 20200.