Nifty PSU Bank Weekly Outlook and Analysis:

For the Week: (Feb 15,2021 – Feb 19,2021)

NIFTY PSUBANK Index closed the week on positive note gaining 463.90 points 25.57%.

Weekly High: 2,390.30

Weekly Low: 1,815.70

Weekly Close: 2,277.95

Weekly Support & Resistance For Nifty PSU Bank Index:

NIFTY PSUBANK index opened tad higher and rallied in early part of the week. Index continued its up move throughout the week and made fresh fifty two weeks high. However, index witness profit booking at fag end of the week after massive rally. We expect index may take breather or profit booking after relentless buying.

Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 2150 levels, where as minor resistance on the upside is capped around 2350-2400 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 2000 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 2700.

Currently NIFTY PSU BANKS index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 2050 on downside and 2600 on upside.