EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Jan 22, 2018 – Jan 25, 2018) :  

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on positive note gaining around 2.00%.

As we have mentioned last week, that support for the index lies in the zone of 3600 to 3650. 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. During the week the index manages to hit a low of 3497 and close the week around the levels of 3711.

Support for the index lies in the zone of 3600 to 3650. 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 3800 to 3850 where short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3950 to 4000 from where the index broke down after condolidation.

Broad range for the index is seen between 3500 to 3550 on downside & 3900 to 3950 on upside.