EquityPandit’s Outlook for NIFTY PSU BANK for the week (Sept 23, 2019 – Sept 27, 2019):

NIFTY PSU BANK:

NIFTY PSUBANK Index closed the week on positive note gaining +11 Points +0.44%

Weekly High: 2568.95

Weekly Low: 2311.55

Weekly Close: 2522.85

 
RESISTANCE 2: 2,725

RESISTANCE 1: 2,624

SUPPORT 1: 2,366

SUPPORT 2: 2,210

 
Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 2400 levels, whereas minor resistance on the upside is capped around 2625-2650 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 towards major support on lower side around 2300 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 2800.

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 2350 on downside and 2700 on upside.