EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Nov 19, 2018 – Nov 23, 2018) :  

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on positive note gaining around 2.50%.

As we have mentioned last week, that 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. During the week the index manages to hit a low of 2818 and close the week around the levels of 3002.

Minor support for the index lies in the zone of 2900 to 2930. 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 3000 to 3050 where Fibonacci levels 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 2800 to 2850 on downside & 3150 to 3200 on upside.