Nifty PSU Bank Weekly Outlook and Analysis:

For the Week: (Aug 24,2020 – Aug 28,2020)

NIFTY PSUBANK Index closed the week on positive note gaining 58.60 points 4.11%.

Weekly High: 1,502.35

Weekly Low: 1,406.60

Weekly Close: 1,483.75

Weekly Support & Resistance For Nifty PSU Bank Index:

NIFTY PSUBANK index is trading in symmetric triangle pattern. Index again witnessed profit booking at fag end of the week from upper falling trend line of formation. We expect index likely to out perform and should witness breakout formation if broader market continue its lackluster trading activity.

Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 1440 levels, where as minor resistance on the upside is capped around 1520-1535 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 1400 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 1575.

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 1420 on downside and 1550 on upside.