EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Jan 21, 2019 – Jan 25, 2019) :  

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 2.30%.

As we have mentioned last week, that resistance for the index lies in the zone of 3200 to 3250 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 3350 to 3400 where high for the month of September-2018 and Fibonacci levels are lying. During the week the index manages to hit a high of 3208 and close the week around the levels of 3084.

Support 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 below these levels then the index can drift to the levels of 2900 to 2950 where Fibonacci levels are lying.

Minor resistance for the index lies around 3100 to 3130. Resistance for the index lies in the zone of 3200 to 3250 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 3350 to 3400 where high for the month of September-2018 and Fibonacci levels are lying.

Broad range for the index is seen between 2950 to 3000 on downside & 3250 to 3300 on upside.