EquityPandit’s Outlook for NIFTY PSU BANK for the week  (May 08, 2017 – May 12, 2017) :

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on positive note gaining around 2.50%.

As we have mentioned last week that minor resistance for the index lies in the zone of 3680 to 3700. Resistance for the index lies in the zone of 3750 to 3800 from where the index sold off in the month of April-2015 & August-2015. If the index manages to close above these levels then the index can move to the levels of 4000 to 4050. During the week the index manages to hit a high of 3921 and close the week around the levels of 3750.

Minor support for the index lies in the zone of 3620 to 3650. Support for the index lies in the zone of 3470 to 3510 from where the index broke out of double top pattern and Fibonacci level is lying. If the index manages to close below these levels then the index can drift to the levels of 3370 to 3400 from where the index broke out and short term moving averages are lying.

Resistance for the index lies in the zone of 3750 to 3800 from where the index sold off in the month of April-2015 & August-2015. If the index manages to close above these levels then the index can move to the levels of 4000 to 4050.

Broad range for the index is seen between 3600 to 3630 on downside & 3900 to 3930 on upside.