EquityPandit’s Outlook for NIFTY PSU BANK for the week (June 15, 2020 – June 19, 2020):

NIFTY PSU BANK:

NIFTY PSUBANK Index closed the week on negative note losing 34.70 points 2.50%.

Weekly High: 1,446.85

Weekly Low: 1,266.30

Weekly Close: 1,352.05

Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 1260 levels, where as minor resistance on the upside is capped around 1425-1450 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 1150 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 1550.

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 1200 on downside and 1500 on upside.

WEEKLY PIVOT LEVELS:

RESISTANCE 2: 1,535

RESISTANCE 1: 1,443

SUPPORT 1: 1,263

SUPPORT 2: 1,174