EquityPandit’s Outlook for NIFTY PSU BANK for the week  (May 21, 2018 – May 25, 2018) :  

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 6.50%.

As we have mentioned last week, that minor resistance for the index lies in the zone of 2870 to 2900. 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. During the week the index manages to hit a high of 2904 and close the week around the levels of 2657.

The index has broken down from the double bottom pattern. The index can witness a major sell off and support lies around 2500 to 2530 where long term Fibonacci levels are lying.

Resistance for the index lies in the zone of 2650 to 2700 from where the index broke down from the double bottom pattern. If the index manages to close above these levels then the index can move to the levels of 2850 to 2900 where Fibonacci levels and short term moving averages are lying.

Broad range for the index is seen between 2500 to 2550 on downside & 2850 to 2900 on upside.