EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Sep 10, 2018 – Sep 14, 2018) :  

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 5.40%.

As we have mentioned last week, that support for the index lies in the zone of 3150 to 3200 where Fibonacci levels and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 2950 to 3000 from where the index has opened gap up and short term moving averages are lying. During the week the index manages to hit a low of 3093 and close the week around the levels of 3136.

Support for the index lies in the zone of 3100 to 3150 where short & long term moving averages and low for the month of August-2018 are lying. If the index manages to close below these levels then the index can drift to the levels of 2950 to 3000 from where the index has opened gap up and medium term moving averages are lying.

Minor resistance for the index lies around 3200 to 3250. Resistance for the index lies in the zone of 3450 to 3500 from where the index has broken down and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 3600 to 3650.

Broad range for the index is seen between 3000 to 3050 on downside & 3300 to 3350 on upside.