Nifty PSU Bank Weekly Outlook and Analysis:

For the Week: (Oct 05,2020 – Oct 09,2020)

NIFTY PSUBANK Index closed the week on positive note gaining 16.05 points 1.24%.

Weekly High: 1,328.70

Weekly Low: 1,265.80

Weekly Close: 1,292.25

Weekly Support & Resistance For Nifty PSU Bank Index:

NIFTY PSUBANK index has formed lower low lower high trading patter on daily charts. Index has formed doji patter on weekly charts, which suggest indecisiveness of trend. Index has under performed broader market last week, we expect further selling pressure could seen if it trade below 1350 levels.

Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 1255 levels, where as minor resistance on the upside is capped around 1335-1350 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 1200 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 1400.

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 1225 on downside and 1375 on upside.