EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Mar 26, 2018 – Mar 28, 2018) :  

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 7.40%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 2957 and close the week around the levels of 2716.

Support for the index lies in the zone of 2550 to 2600 where break out levels are lying on monthly charts. If the index manages to close below these levels then the index can drift to the levels of 2450 to 2500 where long term Fibonacci levels are lying.

Resistance for the index lies in the zone of 2850 to 2900 from where the index broke down from the triple bottom pattern and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 3000 to 3050 where break down levels are lying.

Broad range for the index is seen between 2500 to 2550 on downside & 2900 to 2950 on upside.