Nifty PSU Bank Weekly Outlook and Analysis:

For the Week: (Feb 01,2021 – Feb 05,2021)

NIFTY PSUBANK Index closed the week on negative note losing 43.55 points 2.34%.

Weekly High: 1,890.75

Weekly Low: 1,740.20

Weekly Close: 1,814.05

Weekly Support & Resistance For Nifty PSU Bank Index:

NIFTY PSUBANK index opened flat and dragged in early part of the week tracking broader weakness. Index recouped losses at fag end of the week despite broader weakness. We expect index could witness short covering rally, as smart money expecting some positive trigger for the sector in upcoming budget.

Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 1735 levels, where as minor resistance on the upside is capped around 1865-1885 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 1650 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 1975.

Currently NIFTY PSU BANKS index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 1675 on downside and 1950 on upside.