EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Jan 08, 2018 – Jan 12, 2018) :  

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 0.30%.

As we have mentioned last week, that support for the index lies in the zone of 3700 to 3750 from where the index broke out of August-2017 highs. If the index manages to close below these levels then the index can drift to the levels of 3450 to 3500 where medium & long term moving averages and Fibonacci levels are lying. During the week the index manages to hit a low of 3606 and close the week around the levels of 3695.

Support for the index lies in the zone of 3600 to 3650. If the index manages to close below these levels then the index can drift to the levels of 3450 to 3500 where medium & long term moving averages and Fibonacci levels are lying.

Resistance for the index lies in the zone of 3700 to 3750 from where the index broke out of August-2017 highs. If the index manages to close above these levels then the index can move to the levels of 3850 to 3900 where the index has formed a top in the month of November-2017.

Broad range for the index is seen between 3500 to 3550 on downside & 3800 to 3850 on upside.