EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Oct 16, 2017 – Oct 19, 2017) :

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 1.80%.

As we have mentioned last week, that minor resistance for the index lies in the zone of 3080 to 3100. Resistance for the index lies in the zone of 3170 to 3200 where the index has taken support in the month of March-2017 & June-2017 and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 3330 to 3350 where 200 daily moving averages are lying. During the week the index manages to hit a high of 3126 and close the week around the levels of 3045.

The index has seen a major break-down on the charts. Support for the index lies in the zone of 3000 to 3020. If the index manages to close below these levels then the index can drift to the levels of 2850 to 2900 where Fibonacci levels are lying.

Minor resistance for the index lies in the zone of 3080 to 3100. Resistance for the index lies in the zone of 3170 to 3200 from where the index has broken down from the support and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 3330 to 3350 where 200 daily moving averages are lying.

Broad range for the index is seen between 2900 to 2950 on downside & 3200 to 3250 on upside.