Nifty PSU Bank Weekly Outlook and Analysis:

For the Week: (March 29,2021 – April 02,2021)

NIFTY PSUBANK Index closed the week on negative note losing 72.95 points 3.33%.

Weekly High: 2,248.85

Weekly Low: 2,037.70

Weekly Close: 2,114.55

Weekly Support & Resistance For Nifty PSU Bank Index:

NIFTY PSUBANK index opened flat and witnessed rally in early part of the week. Index gave up all the gain back of selling pressure tracking broader weakness and ended on negative note. Though index is in down trend, it may see short covering rally as momentum indicator showing divergence on daily charts.

Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 2025 levels, where as minor resistance on the upside is capped around 2225-2250 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 1950 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 2350.

Currently NIFTY PSU BANKS index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 2000 on downside and 2300 on upside.