EquityPandit’s Outlook for NIFTY PSU BANK for the week  (May 28, 2018 – June 01, 2018) :  

NIFTY PSU BANK

Nifty PSU BANK index closed the week on positive note gaining around 11.00%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 2966 and close the week around the levels of 2950.

Support for the index lies in the zone of 2850 to 2900 where break out levels and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 2650 to 2700 where the index has taken support in the month of March-2018 and April-2018.

Resistance for the index lies in the zone of 3050 to 3100 where the index has formed a high in the month of April-2018 and medium term moving average is lying. If the index manages to close above these levels then the index can move to the levels of 3150 to 3200 where Fibonacci levels and long term moving averages are lying.

Broad range for the index is seen between 2700 to 2750 on downside & 3150 to 3200 on upside.