EquityPandit’s Outlook for NIFTY PSU BANK for the week  (June 19, 2017 – June 23, 2017) :

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 1.60%.

As we have mentioned last week that support for the index lies in the zone of 3470 to 3510 from where the index broke out of double top pattern and Fibonacci level is lying. If the index manages to close below these levels then the index can drift to the levels of 3350 to 3380 where medium term moving averages are lying. During the week the index manages to hit a low of 3433 and close the week around the levels of 3463.

Support for the index lies in the zone of 3420 to 3450 where medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 3300 to 3330 where 200 daily moving averages are lying.

Resistance for the index lies in the zone of 3490 to 3510 from where the index broke out of double top pattern and Fibonacci level is lying. If the index manages to close above these levels then the index can move to the levels of 3580 to 3620 where short term moving averages are lying.

Broad range for the index is seen between 3330 to 3350 on downside & 3580 to 3600 on upside.