EquityPandit’s Outlook for NIFTY PSU BANK for the week  (May 02, 2017 – May 05, 2017) :

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on positive note gaining around 5.40%.

As we have mentioned last week that support for the index lies in the zone of 3470 to 3510 from where the index broke out of double top pattern and Fibonacci level is lying. If the index manages to close below these levels then the index can drift to the levels of 3370 to 3400 from where the index broke out and short term moving averages are lying. During the week the index manages to hit a low of 3467 and close the week around the levels of 3659.

Minor support for the index lies in the zone of 3570 to 3600. Support for the index lies in the zone of 3470 to 3510 from where the index broke out of double top pattern and Fibonacci level is lying. If the index manages to close below these levels then the index can drift to the levels of 3370 to 3400 from where the index broke out and short term moving averages are lying.

Minor resistance for the index lies in the zone of 3680 to 3700. Resistance for the index lies in the zone of 3750 to 3800 from where the index sold off in the month of April-2015 & August-2015. If the index manages to close above these levels then the index can move to the levels of 4000 to 4050.

Broad range for the index is seen between 3550 to 3580 on downside & 3750 to 3800 on upside.