EquityPandit’s Outlook for NIFTY PSU BANK for the week  (July 31, 2017 – Aug 04, 2017) :

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on positive note gaining around 2.30%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 3624 and close the week around the levels of 3592.

Minor support for the index lies in the zone of 3530 to 3550. Support for the index lies in the zone of 3450 to 3470 where Fibonacci levels and short & medium term moving averages 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.

Minor resistance for the index lies in the zone of 3600 to 3620. Resistance for the index lies in the zone of 3680 to 3700 from where the index broke down in the month of May-2017. If the index manages to close above these levels then the index can move to the levels of 3800 to 3850 where the index has formed a top in the month of May-2017.

Broad range for the index is seen between 3450 to 3480 on downside & 3700 to 3730 on upside.