EquityPandit’s Outlook for NIFTY PSU BANK for the week  (July 09, 2018 – July 13, 2018) :  

NIFTY PSU BANK

Nifty PSU BANK index closed the week on negative note losing around 0.70%.

As we have mentioned last week, that resistance for the index lies in the zone of 2850 to 2900 where break out levels and short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3050 to 3100 where the index has formed a high in the month of April-2018 & May-2018. During the week the index manages to hit a high of 2827 and close the week around the levels of 2772.

Support for the index lies in the zone of 2650 to 2700 where the index has taken support in the month of March-2018 and April-2018. If the index manages to close below these levels then the index can drift to the levels of 2500 to 2550 where long term Fibonacci levels are lying.

Resistance for the index lies in the zone of 2850 to 2900 where break out levels and short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3050 to 3100 where the index has formed a high in the month of April-2018 & May-2018.

Broad range for the index is seen between 2600 to 2650 on downside & 2950 to 3000 on upside.