Nifty PSU Bank Weekly Outlook and Analysis:

For the Week: (April 26,2021 – April 30,2021)

NIFTY PSUBANK Index closed the week on negative note losing 71.50 points 3.51%.

Weekly High: 2,003.45

Weekly Low: 1,910.65

Weekly Close: 1,967.20

Weekly Support & Resistance For Nifty PSU Bank Index:

NIFTY PSUBANK index opened gap down in opening session of the week. Index recouped some losses on bargain buying. Index traded lackluster and range bound throughout the week. We expect index likely to continue its sideways corrective action going forward.

Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 1900 levels, where as minor resistance on the upside is capped around 2025-2050 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 1850 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 2125.

Currently NIFTY PSU BANKS index is trading above 200 days exponential moving average and suggests long term trend is bull-ish. EquityPandit’s analyst predicts range for the week is seen from 1875 on downside and 2100 on upside.