EquityPandit’s Outlook for NIFTY PSU BANK for the week  (May 22, 2017 – May 26, 2017) :

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on positive note gaining around 1.15%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 3715 and close the week around the levels of 3769.

Minor support for the index lies in the zone of 3700 to 3730. 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 3780 to 3820 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 3980 to 4000.

Broad range for the index is seen between 3680 to 3700 on downside & 3850 to 3880 on upside.