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

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 3.10%.

As we have mentioned last week, that 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 and short term moving averages 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 2786 and close the week around the levels of 2825.

Support for the index lies in the zone of 2800 to 2830 where long term Fibonacci levels and short term moving averages 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.

Minor support for the index lies in the zone of 2900 to 2930. Resistance for the index lies in the zone of 3000 to 3050 where Fibonacci levels and high for the month of November-2018 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 2650 to 2700 on downside & 3050 to 3100 on upside.