EquityPandit’s Outlook for NIFTY PSU BANK for the week  (July 10, 2017 – July 14, 2017) :

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on positive note gaining around 2.40%.

As we have mentioned last week that support for the index lies in the zone of 3300 to 3330 where 200 daily moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 3175 to 3200 where Fibonacci level and low for the month of March-2017 is lying. During the week the index manages to hit a low of 3279 and close the week around the levels of 3381.

Minor support for the index lies in the zone of 3350 to 3360. Support for the index lies in the zone of 3300 to 3320 where 200 daily moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 3175 to 3200 where Fibonacci level and low for the month of March-2017 is lying.

Minor resistance for the index lies in the zone of 3400 to 3420. Resistance for the index lies in the zone of 3450 to 3470 from where the index broke down from the lows of April – 2017 & May – 2017. If the index manages to close above these levels then the index can move to the levels of 3510 to 3530 where short term moving averages are lying.

Broad range for the index is seen between 3250 to 3280 on downside & 3450 to 3480 on upside.