EquityPandit’s Outlook for NIFTY PSU BANK for the week  (April 03, 2017 – April 07, 2017) :

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on positive note gaining around 5.00%.

As we have mentioned last week that minor support for the index lies in the zone of 3280 to 3300. Support for the index lies in the zone of 3180 to 3210 where short & medium term moving averages and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 3030 to 3050 where 200 Daily SMA and break out levels are lying. During the week the index manages to hit a low of 3346 and close the week around the levels of 3527.

Support for the index lies in the zone of 3480 to 3510 from where the index broke out of double top pattern and Fibonacci level is lying. If the index manages to close below these levels then the index can drift to the levels of 3400 to 3420 from where the index broke out.

Minor resistance for the index lies in the zone of 3580 to 3620. Resistance for the index lies in the zone of 3750 to 3800 from where the index sold off in the month of April-2015 & August-2015.

Broad range for the index is seen between 3400 to 3430 on downside & 3620 to 3650 on upside.