EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Feb 18, 2019 – Feb 22, 2019) : 

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 7.00%.

As we have mentioned last week, that support for the index lies in the zone of 2900 to 2950 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 2780 to 2810 where Fibonacci levels are lying. During the week the index manages to hit a low of 2678 and close the week around the levels of 2694.

Support for the index lies in the zone of 2550 to 2600 where low for the month of October-2018 is lying. If the index manages to close below these levels then the index can drift to the levels of 2450 to 2500 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 2750 to 2800 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 2850 to 2900 from where the index broke down from January-2019 low and Fibonacci levels are lying.

Broad range for the index is seen between 2550 to 2600 on downside & 2850 to 2900 on upside.