EquityPandit’s Outlook for NIFTY PSU BANK for the week  (July 30, 2018 – Aug 03, 2018) :  

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on positive note gaining around 10.40%.

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 3183 and close the week around the levels of 3094.

Support for the index lies in the zone of 2950 to 3000 from where the index has opened gap up and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 2850 to 2900 where Fibonacci levels and medium term moving averages are lying.

Resistance for the index lies in the zone of 3150 to 3200 where the index has formed a high in the month of May-2018 and long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3450 to 3500 from where the index has broken down.

Broad range for the index is seen between 2800 to 2850 on downside & 3200 to 3250 on upside.