EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Sep 04, 2017 – Sep 08, 2017) :

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 0.80%.

As we have mentioned last week, that resistance for the index lies in the zone of 3330 to 3350 where 200 daily moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3470 to 3500 where Fibonacci levels and short & medium term moving averages are lying. During the week the index manages to hit a high of 3347 and close the week around the levels of 3296.

Support for the index lies in the zone of 3200 to 3250 where the index has taken support in the month of March-2017 and June-2017. If the index manages to close below these levels then the index can drift to the levels of 3100 to 3140 where long term Fibonacci levels are lying.

Resistance for the index lies in the zone of 3330 to 3350 where 200 daily moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3450 to 3500 where Fibonacci levels and short & medium term moving averages are lying.

Broad range for the index is seen between 3100 to 3140 on downside & 3470 to 3500 on upside.