EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Mar 05, 2018 – Mar 09, 2018) :  

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 5.30%.

As we have mentioned last week, that 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. During the week the index manages to hit a low of 2975 and close the week around the levels of 3021.

Support for the index lies in the zone of 2880 to 2930 where the index has formed a bottom in the month of October-2017 and Fibonacci levels are lying. If the index manages to close below these levels then the index can witness a major break down and the index can drift to the levels of 2500 to 2550 where Fibonacci levels are lying.

Minor resistance for the index lies in the zone of 3080 to 3100. Resistance for the index lies in the zone of 3170 to 3200 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 3350 to 3400 from where the index has broken down.

Broad range for the index is seen between 2800 to 2850 on downside & 3250 to 3300 on upside.