EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Apr 02, 2018 – Apr 06, 2018) :  

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on positive note gaining around 6.00%.

As we have mentioned last week, that resistance for the index lies in the zone of 2850 to 2900 from where the index broke down from the triple bottom pattern and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 3000 to 3050 where break down levels are lying. During the week the index manages to hit a high of 2958 and close the week around the levels of 2878.

Minor support for the index lies in the zone of 2730 to 2780. Support for the index lies in the zone of 2550 to 2600 where break out levels are lying on monthly charts. If the index manages to close below these levels then the index can drift to the levels of 2450 to 2500 where long term Fibonacci levels are lying.

Resistance for the index lies in the zone of 2850 to 2900 from where the index broke down from the triple bottom pattern and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 3000 to 3050 where break down levels are lying.

Broad range for the index is seen between 2600 to 2650 on downside & 3000 to 3050 on upside.