EquityPandit’s Outlook for NIFTY PSU BANK for the week (March 20, 2017 – March 24, 2017) :

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on positive note gaining around 1.60%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 3398 and close the week around the levels of 3327.

Minor support for the index lies in the zone of 3280 to 3300. Support for the index lies in the zone of 3180 to 3210 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 3030 to 3050 where 200 Daily SMA and break out levels are lying.

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 3200 to 3230 on downside & 3430 to 3450 on upside.