Nifty PSU Bank Weekly Outlook and Analysis:

For the Week: (April 12,2021 – April 16,2021)

NIFTY PSUBANK Index closed the week on negative note losing 23.40 points 1.06%.

Weekly High: 2,246.90

Weekly Low: 2,093.10

Weekly Close: 2,191.25

Weekly Support & Resistance For Nifty PSU Bank Index:

NIFTY PSUBANK index opened tad lower and dragged in opening session of the week. Index traded range bound in mid week. Index witnessed bout of short covering at fag end of the week which helped index to trim losses. We expect index could see further short covering bounce if it manage to hold 2100 levels, momentum indicator also trending upward.

Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 2130 levels, where as minor resistance on the upside is capped around 2250-2280 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 2025 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 2350.

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 2050 on downside and 2325 on upside.