EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Oct 22, 2018 – Oct 26, 2018) :  

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 0.70%.

As we have mentioned last week, that resistance for the index lies in the zone of 2800 to 2850 where long term Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 2900 to 2950 where Fibonacci levels are lying. During the week the index manages to hit a high of 2828 and close the week around the levels of 2686.

Support for the index lies in the zone of 2650 to 2700 where the index has taken multiple supports in the month of March-2018, May-2018, July-2018 and September-2018. If the index manages to close below these levels then the index can drift to the levels of 2450 to 2500 where long term Fibonacci levels are lying.

Resistance for the index lies in the zone of 2800 to 2850 where long term Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 2900 to 2950 where Fibonacci levels are lying.

Broad range for the index is seen between 2500 to 2550 on downside & 2850 to 2900 on upside.