EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Oct 30, 2017 – Nov 03, 2017) :

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on positive note gaining around 30.00%.

As we have mentioned last week, that the index has seen a major break-down on the charts. Support for the index lies in the zone of 2870 to 2900 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 2780 to 2820. During the week the index manages to hit a low of 2980 and close the week around the levels of 3821.

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 3500 to 3550 on downside & 4100 to 4150 on upside.