Nifty PSU Bank Weekly Outlook and Analysis:

For the Week: (May 24,2021 – May 28,2021)

NIFTY PSUBANK Index closed the week on positive note gaining 153.95 points 7.02%.

Weekly High: 2,357.65

Weekly Low: 2,208.70

Weekly Close: 2,348.15

Weekly Support & Resistance For Nifty PSU Bank Index:

NIFTY PSUBANK index opened tad higher and extended gain in early part of the week. Index faced profit booking and lackluster trading activity in mid weak amid broader weakness. Index witnessed strong buying at fag end of the week tracking better than expected SBI quarterly results. We expect index likely to continue this uptrend going forward.

Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 2250 levels, where as minor resistance on the upside is capped around 2425-2450 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 2150 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 above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 2200 on downside and 2500 on upside.