EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Nov 20, 2017 – Nov 24, 2017) :

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on positive note gaining around 1.70%.

As we have mentioned last week, that resistance for the index lies in the zone of 4000 to 4050 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. During the week the index manages to hit a high of 4191 and close the week around the levels of 4069.

Minor support for the index lies in the zone of 4000 to 4020. Support for the index lies in the zone of 3800 to 3850 where the index has taken multiple support. If the index manages to close below these levels then the index can drift to the levels of 3700 to 3750 from where the index broke out of August-2017 highs.

Resistance for the index lies in the zone of 4150 to 4200 from where the index broke down. If the index manages to close above these levels then the index can move to the levels of 4300 to 4350 where trend-line joining earlier highs is lying.

Broad range for the index is seen between 3800 to 3850 on downside & 4250 to 4300 on upside.