EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Feb 19, 2018 – Feb 23, 2018) :  

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 8.40%.

As we have mentioned last week, that resistance for the index lies in the zone of 3550 to 3600 where medium and long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3700 to 3750 where break down levels and short term moving averages are lying. During the week the index manages to hit a high of 3513 and close the week around the levels of 3189.

Support for the index lies in the zone of 3120 to 3170 from where the index has opened gap up and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 2880 to 2930 where the index has formed a bottom in the month of October-2017 and Fibonacci levels are lying.

Resistance for the index lies in the zone of 3350 to 3400 from where the index has broken down. If the index manages to close above these levels then the index can move to the levels of 3500 to 3550 where long term moving averages are lying.

Broad range for the index is seen between 3000 to 3050 on downside & 3350 to 3400 on upside.