EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Mar 05, 2019 – Mar 08, 2019) : 

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on positive note gaining around 2.00%.

As we have mentioned last week, that minor support for the index lies around 2650 to 2700. Support for the index lies in the zone of 2550 to 2600 where low for the month of October-2018 is lying. If the index manages to close below these levels then the index can drift to the levels of 2450 to 2500 where Fibonacci levels are lying. During the week the index manages to hit a low of 2690 and close the week around the levels of 2832.

Minor support for the index lies around 2770 to 2800. Support for the index lies in the zone of 2650 to 2700 where low for the month of February-2019 is lying. If the index manages to close below these levels then the index can drift to the levels of 2550 to 2600 where low for the month of October-2018 is lying.

Resistance for the index lies in the zone of 2850 to 2900 from where the index broke down from January-2019 low and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 2950 to 3000 where Fibonacci levels and long term moving averages are lying.

Broad range for the index is seen between 2700 to 2750 on downside & 2900 to 2950 on upside.