EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Dec 17, 2018 – Dec 21, 2018) :  

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on positive note gaining around 5.50%.

As we have mentioned last week, that support for the index lies in the zone of 2800 to 2830 where long term Fibonacci levels and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 2550 to 2600 where low for the month of October-2018 is lying. During the week the index manages to hit a low of 2747 and close the week around the levels of 2980.

Support for the index lies in the zone of 2800 to 2830 where long term Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 2550 to 2600 where low for the month of October-2018 is lying.

Resistance for the index lies in the zone of 3050 to 3100 where Fibonacci levels and high for the month of November-2018 are lying. If the index manages to close above these levels then the index can move to the levels of 3200 to 3250 where Fibonacci levels are lying.

Broad range for the index is seen between 2750 to 2800 on downside & 3150 to 3200 on upside.