EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Nov 06, 2017 – Nov 10, 2017) :

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on positive note gaining around 4.00%.

As we have mentioned last week, that support for the index lies in the zone of 3700 to 3750 from where the index broke out of August-2017 highs. If the index manages to close below these levels then the index can drift to the levels of 3450 to 3500 where Fibonacci levels are lying. During the week the index manages to hit a low of 3764 and close the week around the levels of 3975.

Minor support for the index lies in the zone of 3830 to 3850. Support for the index lies in the zone of 3700 to 3750 from where the index broke out of August-2017 highs. If the index manages to close below these levels then the index can drift to the levels of 3450 to 3500 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 3950 to 4000 from where the index broke down. If the index manages to close above these levels then the index can move to the levels of 4200 to 4250 where trend-line joining earlier highs is lying.

Broad range for the index is seen between 3700 to 3750 on downside & 4150 to 4200 on upside.