EquityPandit’s Outlook for NIFTY PSU BANK for the week (February 20, 2017 – February 24, 2017) :

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 4.00%.

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 3243 and close the week around the levels of 3275.

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 3330 to 3350. Resistance for the index lies in the zone of 3430 to 3460 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 3510 to 3530 where the index has formed a double top pattern.

Broad range for the index is seen between 3180 to 3200 on downside & 3380 to 3400 on upside.