EquityPandit’s Outlook for NIFTY PSU BANK for the week (March 23, 2020 – March 27, 2020):

NIFTY PSU BANK:

NIFTY PSUBANK Index closed the week on negative note losing 109.80 Points 6.98%.

Weekly High: 1,564.65

Weekly Low: 1,382.55

Weekly Close: 1,463.45

Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 1350 levels, where as minor resistance on the upside is capped around 1575-1600 levels.

If NIFTY PSU BANKS index breaches minor support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 1150 and if breaches minor resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 1800.

Currently NIFTY PSU BANKS index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 1200 on downside and 1750 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 1,652

RESISTANCE 1: 1,557

SUPPORT 1: 1,375

SUPPORT 2: 1,288