EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Sep 24, 2018 – Sep 28, 2018) :  

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 8.50%.

As we have mentioned last week, that support for the index lies in the zone of 2970 to 3000 from where the index has opened gap up and medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 2850 to 2880 from where the index has broken out in the month of July-2018. During the week the index manages to hit a low of 2659 and close the week around the levels of 2834.

Support for the index lies in the zone of 2800 to 2850 where long term Fibonacci levels 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 multiple supports in the 2nd half of the year.

Resistance for the index lies in the zone of 2900 to 2950 where 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 Fibonacci levels and long term moving averages are lying.

Broad range for the index is seen between 2650 to 2700 on downside & 3000 to 3050 on upside.