EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Nov 05, 2018 – Nov 09, 2018) :  

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on positive note gaining around 13.60%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 3011 and close the week around the levels of 2923.

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 2550 to 2600 where low for the month of October-2018 is lying.

Resistance for the index lies in the zone of 2950 to 3000 where medium term and long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3100 to 3150 where long term Fibonacci levels are lying.

Broad range for the index is seen between 2750 to 2800 on downside & 3150 to 3200 on upside.