EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Dec 18, 2017 – Dec 22, 2017) :

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 0.85%.

As we have mentioned last week, that support for the index lies in the zone of 3700 to 3750 from where the index broke out of August-2017 highs. If the index manages to close below these levels then the index can drift to the levels of 3450 to 3500 where short, medium & long term moving averages and Fibonacci levels are lying. During the week the index manages to hit a low of 3690 and close the week around the levels of 3735.

Support for the index lies in the zone of 3700 to 3750 from where the index broke out of August-2017 highs. If the index manages to close below these levels then the index can drift to the levels of 3450 to 3500 where medium & long term moving averages and Fibonacci levels are lying.

Resistance for the index lies in the zone of 3850 to 3900 from where the index broke down after consolidation. If the index manages to close above these levels then the index can move to the levels of 4150 to 4200 from where the index broke down.

Broad range for the index is seen between 3500 to 3550 on downside & 4000 to 4050 on upside.