EquityPandit’s Outlook for NIFTY PSU BANK for the week (June 8, 2020 – June 12, 2020):

NIFTY PSU BANK:

NIFTY PSUBANK Index closed the week on positive note gaining 256.90 points 22.74%.

Weekly High: 1,397

Weekly Low: 1,146.20

Weekly Close: 1,386.75

Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 1250 levels, where as minor resistance on the upside is capped around 1475-1500 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 1100 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 1650.

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 1150 on downside and 1600 on upside.

WEEKLY PIVOT LEVELS:
RESISTANCE 2: 1,560

RESISTANCE 1: 1,473

SUPPORT 1: 1,222

SUPPORT 2: 1,059