EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Aug 14, 2017 – Aug 18, 2017) :

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 8.60%.

As we have mentioned last week, that minor resistance for the index lies in the zone of 3630 to 3650. Resistance for the index lies in the zone of 3680 to 3700 from where the index broke down in the month of May-2017. If the index manages to close above these levels then the index can move to the levels of 3800 to 3850 where the index has formed a top in the month of May-2017. During the week the index manages to hit a high of 3666 and close the week around the levels of 3293.

Support for the index lies in the zone of 3200 to 3250 where the index has taken support in the month of March-2017 and June-2017. If the index manages to close below these levels then the index can drift to the levels of 3100 to 3140 where long term Fibonacci levels are lying.

Resistance for the index lies in the zone of 3330 to 3350 where 200 daily moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3470 to 3500 short & medium term moving averages are lying.

Broad range for the index is seen between 3100 to 3140 on downside & 3470 to 3500 on upside.