EquityPandit’s Outlook for NIFTY PSU BANK for the week (February 13, 2017 – February 17, 2017) :

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 0.90%.

As we have mentioned last week that minor support for the index lies in the zone of 3350 to 3370. Support for the index lies in the zone of 3250 to 3300 from where the index broke out from Inverse H & S pattern. If the index manages to close below these levels then the index can drift to the levels of 3130 to 3170 where medium term moving averages and Fibonacci levels are lying. During the week the index manages to hit a low of 3350 and close the week around the levels of 3414.

Minor support for the index lies in the zone of 3350 to 3370. Support for the index lies in the zone of 3250 to 3300 from where the index broke out from Inverse H & S pattern. If the index manages to close below these levels then the index can drift to the levels of 3130 to 3170 where medium term moving averages and Fibonacci levels are lying.

Minor resistance for the index lies in the zone of 3470 to 3500 where weekly Fibonacci levels are lying. Resistance for the index lies in the zone of 3750 to 3800 from where the index sold off in the month of April-2015 & August-2015. If the index manages to close above these levels then the index can move to the levels of 3950 to 4000.

Broad range for the index is seen between 3300 to 3330 on downside to 3500 to 3530 on upside.