EquityPandit’s Outlook for NIFTY PSU BANK for the week (March 14, 2017 – March 17, 2017) :

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on positive note gaining around 1.50%.

As we have mentioned last week that minor resistance for the index lies in the zone of 3250 to 3270. Resistance for the index lies in the zone of 3350 to 3380 from where the index broke down couple of times. If the index manages to close above these levels then the index can move to the levels of 3450 to 3480 where the index has formed a double top pattern and Fibonacci levels are lying. During the week the index manages to hit a high of 3315 and close the week around the levels of 3273.

Minor support for the index lies in the zone of 3220 to 3240. Support for the index lies in the zone of 3170 to 3190 where short & medium term moving averages and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 3000 to 3030 where 200 Daily SMA and break out levels are lying.

Minor resistance for the index lies in the zone of 3290 to 3310. Resistance for the index lies in the zone of 3350 to 3380 from where the index broke down couple of times. If the index manages to close above these levels then the index can move to the levels of 3450 to 3480 where the index has formed a double top pattern and Fibonacci levels are lying.

Broad range for the index is seen between 3100 to 3130 on downside & 3350 to 3380 on upside.