Check Nifty PSU Bank Index Full Analysis At Unicorn Signals

Nifty PSU Bank Weekly Outlook and Analysis:

For the Week: (May 16, 2022 – May 20, 2022)

Check Nifty PSU Bank Index Full Analysis At Unicorn Signals

NIFTY PSUBANK Index closed the week on negative note losing 231.55 points 8.78%.

Weekly High: 2,628.90

Weekly Low: 2,386.50      

Weekly Close: 2,404.35

Weekly Support & Resistance For Nifty PSU Bank Index:

Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 2325 levels, where as minor resistance on the upside is capped around 2500-2525 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 2200 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 2600.

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 2225 on downside and 2550 on upside.