EquityPandit’s Outlook for NIFTY PSU BANK for the week  (July 17, 2017 – July 21, 2017) :

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on positive note gaining around 4.10%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 3183 and close the week around the levels of 3520.

Support for the index lies in the zone of 3450 to 3470 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 3320 to 3350 where 200 daily moving averages are lying.

Resistance for the index lies in the zone of 3510 to 3530 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 3580 to 3600 where high for the month of June-2017 is lying.

Broad range for the index is seen between 3300 to 3320 on downside & 3630 to 3650 on upside.