EquityPandit’s Outlook for NIFTY PSU BANK for the week  (April 24, 2017 – April 28, 2017) :

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 2.00%.

As we have mentioned last week that 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 3619 and close the week around the levels of 3473.

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 3370 to 3400 from where the index broke out and short term moving averages are lying.

Minor resistance for the index lies in the zone of 3500 to 3530. 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 3400 to 3430 on downside & 3580 to 3600 on upside.