Nifty PSU Bank Weekly Outlook and Analysis:

For the Week: (Aug 31,2020 – Sept 04,2020)

NIFTY PSUBANK Index closed the week on positive note gaining 117.25 points 7.90%.

Weekly High: 1,607.55

Weekly Low: 1,479.75

Weekly Close: 1,601.80

Weekly Support & Resistance For Nifty PSU Bank Index:

NIFTY PSUBANK index has given breakout of its symmetric triangle pattern. Index given breakout at fag end of the week with strong volume. We expect index continue to remain bullish and likely to test 200 day EMA.

Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 1550 levels, where as minor resistance on the upside is capped around 1635-1650 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 1450 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 1750.

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 1500 on downside and 1725 on upside.