EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Feb 12, 2018 – Feb 16, 2018) :  

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 0.30%.

As we have mentioned last week, that support for the index lies in the zone of 3400 to 3450 where the index has open gap up and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 3300 to 3350 where break out levels are lying. During the week the index manages to hit a low of 3330 and close the week around the levels of 3481.

Support for the index lies in the zone of 3400 to 3450 where the index has open gap up and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 3300 to 3350 where break out levels are lying.

Resistance for the index lies in the zone of 3550 to 3600 where medium and long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3700 to 3750 where break down levels and short term moving averages are lying.

Broad range for the index is seen between 3300 to 3350 on downside & 3650 to 3700 on upside.