EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Oct 29, 2018 – Nov 02, 2018) :  

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 4.20%.

As we have mentioned last week, that support for the index lies in the zone of 2650 to 2700 where the index has taken multiple supports in the month of March-2018, May-2018, July-2018 and September-2018. If the index manages to close below these levels then the index can drift to the levels of 2450 to 2500 where long term Fibonacci levels are lying. During the week the index manages to hit a low of 2564 and close the week around the levels of 2573.

Support for the index lies in the zone of 2450 to 2500. If the index manages to close below these levels then the index can drift to the levels of 2200 to 2250.

Resistance for the index lies in the zone of 2650 to 2700 from where the index has broken down from the multiple supports in the month of March-2018, May-2018, July-2018 and September-2018. If the index manages to close above these levels then the index can move to the levels of 2800 to 2850 where long term Fibonacci levels are lying.

Broad range for the index is seen between 2300 to 2350 on downside & 2700 to 2750 on upside.