EquityPandit’s Outlook for NIFTY PSU BANK for the week (May 18, 2020 – May 22, 2020):

NIFTY PSU BANK:

NIFTY PSUBANK Index closed the week on positive note gaining 14.20 Points 1.21%.

Weekly High: 1,246.55

Weekly Low: 1,131.35

Weekly Close: 1,186.1

Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 1130 levels, where as minor resistance on the upside is capped around 1225-1250 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 1030 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 1325.

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 1050 on downside and 1300 on upside.

Weekly Pivot Levels:
RESISTANCE 2: 1,303

RESISTANCE 1: 1,244

SUPPORT 1: 1,129

SUPPORT 2: 1,072