EquityPandit’s Outlook for NIFTY PSU BANK for the week  (June 18, 2018 – June 22, 2018) :  

NIFTY PSU BANK

Nifty PSU BANK index closed the week on positive note gaining around 0.50%.

As we have mentioned last week, that resistance for the index lies in the zone of 3050 to 3100 where the index has formed a high in the month of April-2018 & May-2018. If the index manages to close above these levels then the index can move to the levels of 3150 to 3200 where Fibonacci levels and long term moving averages are lying. During the week the index manages to hit a high of 3169 and close the week around the levels of 3033.

Support 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 below these levels then the index can drift to the levels of 2650 to 2700 where the index has taken support in the month of March-2018 and April-2018.

Resistance for the index lies in the zone of 3050 to 3100 where the index has formed a high in the month of April-2018 & May-2018. If the index manages to close above these levels then the index can move to the levels of 3150 to 3200 where Fibonacci levels are lying.

Broad range for the index is seen between 2900 to 2950 on downside & 3150 to 3200 on upside.