Nifty PSU Bank Weekly Outlook and Analysis:

For the Week: (Aug 03,2020 – Aug 07,2020)

NIFTY PSUBANK closed the week on negative note losing 26.85 points 1.87%.

Weekly High: 1,451.50

Weekly Low: 1,382.50

Weekly Close: 1,411.60

Nifty PSU Bank Weekly Support and Resistance Levels:

NIFTY PSUBANK index is trading in symmetric triangle pattern. Index likely to trade in this range, unless some relief on moratorium front from finance ministry.

Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 1370 levels, where as minor resistance on the upside is capped around 1450-1475 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 1325 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 1550.

Currently NIFTY PSU BANKS index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 1350 on downside and 1500 on upside.