Nifty PSU Bank Weekly Outlook and Analysis:

For the Week: (Jan 25,2021 – Jan 29,2021)

NIFTY PSUBANK Index closed the week on negative note losing 79.70 points 4.11%.

Weekly High: 2,003.70

Weekly Low: 1,853.10

Weekly Close: 1,857.60

Weekly Support & Resistance For Nifty PSU Bank Index:

NIFTY PSUBANK index opened flat and dragged in opening session of the week. Index recouped losses and made fresh swing highs in mid week. Though index succumbed at fag end of the week and ended on negative note. We expect index likely to witness profit booking going forward.

Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 1780 levels, where as minor resistance on the upside is capped around 1900-1925 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 1725 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 1975.

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 1750 on downside and 1950 on upside.