EquityPandit’s Outlook for NIFTY PSU BANK for the week (July 22, 2019 – July 26, 2019):

NIFTY PSU BANK:

NIFTY PSUBANK Index closed the week on negative note loosing -160.5 Points –5.05%

Weekly High: 3187.55

Weekly Low: 3009.25

Weekly Close: 3018.10

RESISTANCE 2: 3250

RESISTANCE 1: 3134

SUPPORT 1: 2956

SUPPORT 2: 2893

Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 2950 levels, whereas minor resistance on the upside is capped around 3100-3120 levels.

If NIFTY PSU BANKS index breaches minor support on the downside and closes below it we may see fresh break down and index can drag index towards major support on lower side around 2900 and if breaches minor resistance on the upside and closes above it we may see fresh breakout and index can head towards higher levels around 3200.

Currently NIFTY PSU BANKS index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 3260 on upside and 3070 on downside.