EquityPandit’s Outlook for NIFTY PSU BANK for the week  (June 27, 2017 – June 30, 2017) :

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 0.50%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 3534 and close the week around the levels of 3444.

Support for the index lies in the zone of 3400 to 3420 where the index has formed a bottom in the month of May-2017 is 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.