EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Apr 09, 2018 – Apr 13, 2018) :  

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on positive note gaining around 3.70%.

As we have mentioned last week, that resistance for the index lies in the zone of 2850 to 2900 from where the index broke down from the triple bottom pattern and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 3000 to 3050 where break down levels are lying. During the week the index manages to hit a high of 3022 and close the week around the levels of 2986.

Minor support for the index lies in the zone of 2930 to 2950. Support for the index lies in the zone of 2800 to 2850 where break out levels are lying. If the index manages to close below these levels then the index can drift to the levels of 2700 to 2730 where the index has formed a bottom in the month of March-2018.

Resistance for the index lies in the zone of 3000 to 3050 where break down levels are lying. If the index manages to close above these levels then the index can move to the levels of 3150 to 3180 where Fibonacci levels and short term moving averages are lying.

Broad range for the index is seen between 2800 to 2850 on downside & 3100 to 3150 on upside.