EquityPandit’s Outlook for NIFTY PSU BANK for the week  (May 15, 2017 – May 19, 2017) :

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 0.60%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 3691 and close the week around the levels of 3726.

Minor support for the index lies in the zone of 3680 to 3700. Support for the index lies in the zone of 3590 to 3620 where break out levels are lying. If the index manages to close below these levels then the index can drift to the levels of 3470 to 3510 from where the index broke out of double top pattern and Fibonacci level is 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 & 3800 to 3830 on upside.