EquityPandit’s Outlook for NIFTY PSU BANK for the week  (April 17, 2017 – April 21, 2017) :

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on positive note gaining around 1.80%.

As we have mentioned last week that minor resistance for the index lies in the zone of 3520 to 3550. Resistance for the index lies in the zone of 3600 to 3630 where short term top has been formed. If the index manages to close above these levels then the index can move to the levels of 3750 to 3800 from where the index sold off in the month of April-2015 & August-2015. During the week the index manages to hit a high of 3593 and close the week around the levels of 3546.

Support for the index lies in the zone of 3470 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.

Resistance for the index lies in the zone of 3600 to 3630 where short term top has been formed. If the index manages to close above these levels then the index can move to the levels 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 3430 to 3460 on downside & 3630 to 3650 on upside.