Nifty PSU Bank Weekly Outlook and Analysis:

For the Week: (Aug 17,2020 – Aug 21,2020)

NIFTY PSUBANK Index closed the week on negative note losing 1.85 points 0.13%.

Weekly High: 1,495.65

Weekly Low: 1,415.75

Weekly Close: 1,425.15

Weekly Support & Resistance For Nifty PSU Bank Index:

NIFTY PSUBANK index is trading in symmetric triangle pattern. Index again reversed the up move after it face resistance at upper falling trend line of formation. Index likely to witnessed selling pressure as bulls lost hope after continue under performance against broader market.

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 1475-1495 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 1300 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.