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BUSINESS

Manufacturing PMI Slips to 50.8 in May

Growth in India’s domestic factory orders and production slowed to a 10-month low in May as most states restricted businesses to slow down the spread of Covid-19. Overall manufacturing activity slowed down and job loss accelerated in May, according to a private survey report. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) slipped to 50.8 in May against 55.5 in April, making it one of the steepest fall. PMI is a month-over-month indicator and shows changes over the previous month, and not over the previous year.

“Indian manufacturing sector is showing increasing signs of strain as the COVID-19 crisis intensifies. Key gauges of current sales, production and input buying weakened noticeably in May and pointed to the slowest rates of increase in ten months. In fact, all indices were down from April,” said Pollyanna De Lima, economics associate director at IHS Markit, in the report.

The report said firms scaled up production volumes during May, but the pace of expansion was modest in the context of historical data. In fact, the rise was the weakest in 10 months. Anecdotal evidence indicated that the upturn was curbed by the escalation of the pandemic and difficulties in securing raw materials. Although new export orders also increased at a softer rate, the upturn was solid and outpaced the long-run series trend.

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INDEX OUTLOOKMARKET OUTLOOKNIFTY PSU BANK

NIFTY PSU BANK Outlook for the Week (June 03, 2024 – June 07, 2024)

CRON USER
NIFTY PSU BANK
NIFTY PSU BANK closed the previous week on a negative note losing 3.92%.

Technically, NIFTY PSU BANK share price will see immediate support at 7,234.17 and immediate resistance would be seen at 7,529.27.

If NIFTY PSU BANK share price closes below immediate support of 7,234.17, then sharp breakdown can be seen. NIFTY PSU BANK share price will see major support at 7,082.33 for the week.

7700.007700.007600.007600.007500.007500.007400.007400.007300.007300.007200.007200.007100.007100.007000.007000.006900.006900.006800.006800.006700.006700.00Apr 19Apr 19Apr 24Apr 24Apr 29Apr 29May 3May 3May 8May 8May 13May 13May 16May 16May 21May 21May 24May 24May 29May 29Reversal Level 7266.80BuyBuySell

On the positive side, immediate resistance will be seen at 7,529.27. Closing above 7,529.27, NIFTY PSU BANK share price will see a sharp breakout. Major resistance for NIFTY PSU BANK share price will be seen at 7,672.53 for the week.

Trading range for NIFTY PSU BANK share price for this week should be between 6,939.07 on down side and 7,824.37 on up side.

NIFTY PSU BANK Previous Week High: 7520.7

NIFTY PSU BANK Previous Week Low: 7225.6

NIFTY PSU BANK Previous Week Range: 295.1 Points

NIFTY PSU BANK share price support and resistance for the week (June 03, 2024 – June 07, 2024)

Level Type Value
Resistance 3 7,824.37
Resistance 2 7,672.53
Resistance 1 7,529.27
Support 1 7,234.17
Support 2 7,082.33
Support 3 6,939.07
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INDEX OUTLOOKMARKET OUTLOOKNIFTY PSU BANK

NIFTY PSU BANK Outlook for the Week (May 27, 2024 – May 31, 2024)

CRON USER
NIFTY PSU BANK
NIFTY PSU BANK closed the previous week on a negative note losing 4.14%.

Technically, NIFTY PSU BANK share price will see immediate support at 7,178.88 and immediate resistance would be seen at 7,486.53.

If NIFTY PSU BANK share price closes below immediate support of 7,178.88, then sharp breakdown can be seen. NIFTY PSU BANK share price will see major support at 6,998.72 for the week.

7700.007700.007600.007600.007500.007500.007400.007400.007300.007300.007200.007200.007100.007100.007000.007000.006900.006900.006800.006800.006700.006700.00Apr 10Apr 10Apr 16Apr 16Apr 22Apr 22Apr 25Apr 25Apr 30Apr 30May 6May 6May 9May 9May 14May 14May 17May 17May 22May 22Reversal Level 7241.02BuyBuySellSell

On the positive side, immediate resistance will be seen at 7,486.53. Closing above 7,486.53, NIFTY PSU BANK share price will see a sharp breakout. Major resistance for NIFTY PSU BANK share price will be seen at 7,614.02 for the week.

Trading range for NIFTY PSU BANK share price for this week should be between 6,871.23 on down side and 7,794.18 on up side.

NIFTY PSU BANK Previous Week High: 7433.85

NIFTY PSU BANK Previous Week Low: 7126.2

NIFTY PSU BANK Previous Week Range: 307.65 Points

NIFTY PSU BANK share price support and resistance for the week (May 27, 2024 – May 31, 2024)

Level Type Value
Resistance 3 7,794.18
Resistance 2 7,614.02
Resistance 1 7,486.53
Support 1 7,178.88
Support 2 6,998.72
Support 3 6,871.23
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INDEX OUTLOOKMARKET OUTLOOKNIFTY PSU BANK

NIFTY PSU BANK Outlook for the Week (May 20, 2024 – May 24, 2024)

CRON USER
NIFTY PSU BANK
NIFTY PSU BANK closed the previous week on a negative note losing 5.13%.

Technically, NIFTY PSU BANK share price will see immediate support at 6,895.70 and immediate resistance would be seen at 7,265.30.

If NIFTY PSU BANK share price closes below immediate support of 6,895.70, then sharp breakdown can be seen. NIFTY PSU BANK share price will see major support at 6,682.15 for the week.

7700.007700.007600.007600.007500.007500.007400.007400.007300.007300.007200.007200.007100.007100.007000.007000.006900.006900.006800.006800.006700.006700.00Apr 3Apr 3Apr 8Apr 8Apr 12Apr 12Apr 18Apr 18Apr 23Apr 23Apr 26Apr 26May 2May 2May 7May 7May 10May 10May 15May 15Reversal Level 6982.65BuyBuySellSell

On the positive side, immediate resistance will be seen at 7,265.30. Closing above 7,265.30, NIFTY PSU BANK share price will see a sharp breakout. Major resistance for NIFTY PSU BANK share price will be seen at 7,421.35 for the week.

Trading range for NIFTY PSU BANK share price for this week should be between 6,526.10 on down side and 7,634.90 on up side.

NIFTY PSU BANK Previous Week High: 7207.8

NIFTY PSU BANK Previous Week Low: 6838.2

NIFTY PSU BANK Previous Week Range: 369.6 Points

NIFTY PSU BANK share price support and resistance for the week (May 20, 2024 – May 24, 2024)

Level Type Value
Resistance 3 7,634.90
Resistance 2 7,421.35
Resistance 1 7,265.30
Support 1 6,895.70
Support 2 6,682.15
Support 3 6,526.10
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INDEX OUTLOOKMARKET OUTLOOKNIFTY PSU BANK

NIFTY PSU BANK Outlook for the Week (May 13, 2024 – May 17, 2024)

CRON USER
NIFTY PSU BANK
NIFTY PSU BANK closed the previous week on a negative note losing 7.27%.

Technically, NIFTY PSU BANK share price will see immediate support at 6,871.88 and immediate resistance would be seen at 7,421.93.

If NIFTY PSU BANK share price closes below immediate support of 6,871.88, then sharp breakdown can be seen. NIFTY PSU BANK share price will see major support at 6,669.42 for the week.

7700.007700.007600.007600.007500.007500.007400.007400.007300.007300.007200.007200.007100.007100.007000.007000.006900.006900.006800.006800.006700.006700.00Mar 26Mar 26Apr 1Apr 1Apr 4Apr 4Apr 9Apr 9Apr 15Apr 15Apr 19Apr 19Apr 24Apr 24Apr 29Apr 29May 3May 3May 8May 8Reversal Level 7282.61BuySellSell

On the positive side, immediate resistance will be seen at 7,421.93. Closing above 7,421.93, NIFTY PSU BANK share price will see a sharp breakout. Major resistance for NIFTY PSU BANK share price will be seen at 7,769.52 for the week.

Trading range for NIFTY PSU BANK share price for this week should be between 6,321.83 on down side and 7,971.98 on up side.

NIFTY PSU BANK Previous Week High: 7567.05

NIFTY PSU BANK Previous Week Low: 7017

NIFTY PSU BANK Previous Week Range: 550.05 Points

NIFTY PSU BANK share price support and resistance for the week (May 13, 2024 – May 17, 2024)

Level Type Value
Resistance 3 7,971.98
Resistance 2 7,769.52
Resistance 1 7,421.93
Support 1 6,871.88
Support 2 6,669.42
Support 3 6,321.83
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INDEX OUTLOOKMARKET OUTLOOKNIFTY PSU BANK

NIFTY PSU BANK Outlook for the Week (May 06, 2024 – May 10, 2024)

CRON USER
NIFTY PSU BANK
NIFTY PSU BANK closed the previous week on a negative note losing 4.18%.

Technically, NIFTY PSU BANK share price will see immediate support at 7,367.02 and immediate resistance would be seen at 7,688.17.

If NIFTY PSU BANK share price closes below immediate support of 7,367.02, then sharp breakdown can be seen. NIFTY PSU BANK share price will see major support at 7,205.33 for the week.

7800.007800.007600.007600.007400.007400.007200.007200.007000.007000.006800.006800.006600.006600.006400.006400.00Mar 18Mar 18Mar 21Mar 21Mar 27Mar 27Apr 2Apr 2Apr 5Apr 5Apr 10Apr 10Apr 16Apr 16Apr 22Apr 22Apr 25Apr 25Apr 30Apr 30Reversal Level 7460.79BuyBuySell

On the positive side, immediate resistance will be seen at 7,688.17. Closing above 7,688.17, NIFTY PSU BANK share price will see a sharp breakout. Major resistance for NIFTY PSU BANK share price will be seen at 7,847.63 for the week.

Trading range for NIFTY PSU BANK share price for this week should be between 7,045.87 on down side and 8,009.32 on up side.

NIFTY PSU BANK Previous Week High: 7685.95

NIFTY PSU BANK Previous Week Low: 7364.8

NIFTY PSU BANK Previous Week Range: 321.15 Points

NIFTY PSU BANK share price support and resistance for the week (May 06, 2024 – May 10, 2024)

Level Type Value
Resistance 3 8,009.32
Resistance 2 7,847.63
Resistance 1 7,688.17
Support 1 7,367.02
Support 2 7,205.33
Support 3 7,045.87
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