EquityPandit’s Outlook for NIFTY PSU BANK for the week (June 22, 2020 – June 26, 2020):

NIFTY PSU BANK:

NIFTY PSUBANK Index closed the week on positive note gaining 66.35 points 4.91%.

Weekly High: 1,427.40

Weekly Low: 1,317.15

Weekly Close: 1,418.40

Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 1350 levels, where as minor resistance on the upside is capped around 1450-1475 levels.

If NIFTY PSU BANKS index breaches minor support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 1250 and if breaches minor resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 1550.

Currently NIFTY PSU BANKS index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 1300 on downside and 1525 on upside.

WEEKLY PIVOT LEVELS:
RESISTANCE 2: 1,497

RESISTANCE 1: 1,458

SUPPORT 1: 1,347

SUPPORT 2: 1,277