EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Aug 13, 2018 – Aug 17, 2018) :  

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on positive note gaining around 0.40%.

As we have mentioned last week, that resistance for the index lies in the zone of 3250 to 3300 from where the index has broken down in the month of February-2018 and long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3450 to 3500 from where the index has broken down and Fibonacci levels are lying. During the week the index manages to hit a high of 3448 and close the week around the levels of 3251.

Support for the index lies in the zone of 3120 to 3170 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 2950 to 3000 from where the index has opened gap up and short term moving averages are lying.

Resistance for the index lies in the zone of 3250 to 3300 from where the index has broken down in the month of February-2018. If the index manages to close above these levels then the index can move to the levels of 3450 to 3500 from where the index has broken down and Fibonacci levels are lying.

Broad range for the index is seen between 3000 to 3050 on downside & 3400 to 3450 on upside.