EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Mar 12, 2018 – Mar 16, 2018) :  

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 5.40%.

As we have mentioned last week, that support for the index lies in the zone of 2880 to 2930 where the index has formed a bottom in the month of October-2017 and Fibonacci levels are lying. If the index manages to close below these levels then the index can witness a major break down and the index can drift to the levels of 2500 to 2550 where Fibonacci levels are lying. During the week the index manages to hit a low of 2797 and close the week around the levels of 2858.

Support for the index lies in the zone of 2800 to 2830 where long term Fibonacci levels are lying. If the index manages to close below these levels then the index can witness a major break down and the index can drift to the levels of 2550 to 2600 where break out levels are lying on monthly charts.

Minor resistance for the index lies in the zone of 2900 to 2930. Resistance for the index lies in the zone of 3100 to 3130 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 3250 to 3300 from where the index has broken down.

Broad range for the index is seen between 2700 to 2750 on downside & 3000 to 3100 on upside.