EquityPandit’s Outlook for NIFTY PSU BANK for the week  (May 07, 2018 – May 11, 2018) :  

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 1.00%.

As we have mentioned last week, that minor resistance for the index lies in the zone of 2870 to 2900. Resistance for the index lies in the zone of 3000 to 3050 where break down levels are lying. If the index manages to close above these levels then the index can move to the levels of 3150 to 3180 where Fibonacci levels and short term moving averages are lying. During the week the index manages to hit a high of 2889 and close the week around the levels of 2787.

Support for the index lies in the zone of 2780 to 2810 where break out levels are lying. If the index manages to close below these levels then the index can drift to the levels of 2700 to 2730 where the index has formed a bottom in the month of March-2018.

Minor resistance for the index lies in the zone of 2870 to 2900. Resistance for the index lies in the zone of 3000 to 3050 where break down levels are lying. If the index manages to close above these levels then the index can move to the levels of 3150 to 3180 where Fibonacci levels and short term moving averages are lying.

Broad range for the index is seen between 2650 to 2700 on downside & 2900 to 2950 on upside.